Commodities Transaction Tax applies to specified sales and options in commodity derivatives traded on recognised exchanges. Section 116 defines the operative terms for the Chapter imposing Commodities Transaction Tax. It designates the Appellate Tribunal, Assessing Officer and Board by statutory cross reference, clarifies that 'prescribed' means rules under the Chapter, defines 'commodity derivative' to include non ready delivery contracts and contracts for differences tied to goods, related services or weather events, and defines 'taxable commodities transaction' to cover sale of commodity derivatives, sales based on prices or indices of commodity derivatives, and options on such derivatives or options in goods for non agricultural commodities traded on recognised stock exchanges.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Commodities Transaction Tax applies to specified sales and options in commodity derivatives traded on recognised exchanges.
Section 116 defines the operative terms for the Chapter imposing Commodities Transaction Tax. It designates the Appellate Tribunal, Assessing Officer and Board by statutory cross reference, clarifies that "prescribed" means rules under the Chapter, defines "commodity derivative" to include non ready delivery contracts and contracts for differences tied to goods, related services or weather events, and defines "taxable commodities transaction" to cover sale of commodity derivatives, sales based on prices or indices of commodity derivatives, and options on such derivatives or options in goods for non agricultural commodities traded on recognised stock exchanges.
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