Definitions

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.... the transfer consists of a thing or things only, the price that such thing or things would ordinarily fetch on sale in the open market on the date of execution of the instrument of transfer ; (B) in a case where the consideration for the transfer consists of a thing or things and a sum of money, the aggregate of the price that such thing or things would ordinarily fetch on sale in the open market on the date of execution of the instrument of transfer and such sum ; 3[(iii) if the transfer is by way of lease,- (A) in a case where the consideration for the transfer consists of premium only, the amount of premium as specified in the instrument of transfer ; (B) in a case where the consideration for the transfer consists of rent only, ....

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....rily fetch on sale in the open market on the date of the transfer and such sum, and where the whole or any part of the consideration for such transfer is payable on any date or dates falling after the date of such transfer, the value of the consideration payable after such date shall be deemed to be the discounted value of such consideration, as on the date of such transfer, determined by adopting the rate of interest at eight per cent per annum ;] (b) "competent authority" means 4[a 5[Joint] Commissioner] authorised by the Central Government under section 269B to perform the functions of a competent authority under this Chapter ; (c) "court" means a principal civil court of original jurisdiction unless the Central Government has appo....

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...., such machinery, plant, furniture, fittings or other things also. Explanation.-For the purposes of this 8[sub-clause], land, building, part of a building, machinery, plant, furniture, fittings and other things include any rights therein ; 9[(ii) any rights of the nature referred to in clause (b) of sub-section (1) of section 269AB;] 10[(f) "instrument of transfer" means the instrument of transfer registered under the Registration Act, 1908 (16 of 1908), or, as the case may be, the statement registered under section 269AB with the competent authority;] (g) "person interested", in relation to any immovable property, includes all persons claiming, or entitled to claim, an interest in the compensation payable on account of the acq....

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....n 33 of the Finance Act, 1986 w.e.f. 01-10-1986 2. Substituted vide Section 2 of the Income-tax (Amendment) Act, 1981 w.e.f. 01-07-1982 before it was read as, ""apparent consideration", in relation to any immovable property transferred, means,-" 3. Inserted vide Section 2 of the Income-tax (Amendment) Act, 1981 w.e.f. 01-07-1982 4. Substituted vide Section 48 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1988 before it was read as, "an Assistant Commissioner of Income-tax" 5. Substituted vide Section 3 of the Finance (No. 2) Act, 1998 w.e.f. 01-10-1998 before it was read as, "Deputy" 6. Substituted vide Section 2 of the Income-tax (Amendment) Act, 1981 w.e.f. 01-07-1982 before it was rea....