TaxTMI 
TaxTMI 
Interpretations in this Code.
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.... (b) all profits of the company up to the date of distribution or payment of dividend or upto the date of liquidation, as the case may be, in any other case; (5) "actual cost" in relation to a business capital asset shall be the cost computed under section 44; (6) "advance tax" means the advance tax payable in accordance with the provisions of section 205; (7) "advance ruling" shall have the meaning assigned to it in section 267; (8) "agreement" includes any arrangement or understanding or action in concert, whether or not such arrangement, understanding or action, is— (a) in writing; (b) formal; or (c) intended to be enforceable by legal proceedings; (9) "agreement of association" means— (a) a partnership deed in relation to a firm; or (b) an oral, or written, agreement between the participants of any other unincorporated body; (10) "agreement for non-compete" means an agreement for— (a) not carrying out any activity in relation to any business; or (b) not sharing any— (i) know-how, patent, copyright, trade mark, licence, franchise or any other business or commercial right of similar nature; or (ii) information or technique likely to assist i....
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....cent. or more voting rights in the amalgamating co-operative become members of the amalgamated co-operative; and (iii) the shareholders holding seventy-five per cent. or more in value of the shares in the amalgamating co-operative (other than the shares held by the amalgamated co-operative or its nominee or its subsidiary, immediately before the merger) become shareholders of the amalgamated cooperative; or (c) an unincorporated body or a proprietory concern means the succession of an amalgamating unincorporated body or proprietory concern with an amalgamated company if— (i) all the assets and liabilities of such body or concern relating to the business immediately before the succession become the assets and liabilities of the amalgamated company; (ii) the participants of the body or the proprietor of the concern do not receive any consideration or benefit, directly or indirectly, in any form or manner, other than by way of allotment of shares in the amalgamated company; (iii) the aggregate of the shareholding in the amalgamated company of the participants of the body or the proprietor of the concern, upon succession, is not less than fifty per cent. of the total value ....
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....ed under section 130 or any other provision of this Code; (23) "assessment" includes— (a) reassessment; (b) any order giving effect to the directions of an Appellate Authority; (c) any order under section 191 or section 192; and (d) any order under section 161 rectifying any mistake apparent on the face of the record with reference to sub-clause (a) or sub-clause (b) or sub-clause (c); (24) "asset" means— (a) a business asset; or (b) an investment asset; (25) "Assistant Commissioner" means a person appointed to be an Assistant Commissioner of Income-tax under section 127; (26) "Assistant Director" means a person appointed to be an Assistant Director of Income-tax under section 127; (27) "associated concern" shall have the meaning assigned to "associated enterprise" in section 124; (28) "associated enterprise" shall have the meaning assigned to it in section 124; (29) "associated operation" shall have the meaning assigned to it in section 124; (30) "associated person" shall have the meaning assigned to it in section 124; (31) "backward classes" means such classes of citizens, other than the Scheduled Castes and the Scheduled Tribes, as may be notifi....
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....sation of business of two or more residents, involving— (a) an amalgamation; (b) a merger under a scheme sanctioned and brought into force by the Central Government under the Banking Regulation Act, 1949; or 10 of 1949. (c) a demerger; (42) "business trading asset" means stock-in-trade, consumable stores or raw materials held for the purposes of business; (43) "capital asset" means property of any kind held by an assessee other than business trading asset; (44) "capital employed in the business" in relation to actual cost means the aggregate of the paid-up share capital, debentures and long-term borrowings— (a) in a case where the prescribed expenditure referred to in serial number 7 of the Table of the Twenty-second Schedule is incurred before the commencement of the business, as on the last day of the financial year in which the business of the company commences; (b) in any other case as on the last day of the financial year in which the extension of the business is completed, or the new business commences production or operation, in so far as such capital, debentures and long-term borrowings have been issued or obtained in connection with the extension of the....
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....ilar nature, as may be notified by the Board; (58) "Controller of Insurance" shall have the same meaning assigned to it in clause (5B) of section 2 of the Insurance Act, 1938; (59) "converted property" means— (a) any property having been the separate property of an individual has been converted by the individual into property as belonging to the Hindu undivided family through the act of impressing such separate property with the character of property belonging to the family or throwing it into the common stock of the family; or (b) any property which has been transferred by the individual, directly or indirectly, to such family otherwise than for adequate consideration; (60) "co-operative bank" shall have the same meaning as assigned to it in Part V of the Banking Regulation Act, 1949; (61) "co-operative sector company" means a company in which not less than fifty-one per cent. of the paid up equity share capital is beneficially held by, one or more co-operative societies throughout the financial year; (62) "co-operative society" means a co-operative society registered under the Co-operative Societies Act, 1912 or under any State or Provincial Act for the time being....
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.... (71) "deduction of tax at source" or "collection of tax at source" with all their grammatical variations, mean deduction or collection of tax under Chapter XIII; (72) "deductor" means a person responsible for making any payment in respect of which he is liable to deduct tax at source under Sub-chapter A of Chapter-XIII; (73) "demerged company" means— (a) the company whose undertaking is transferred, pursuant to a demerger, to a resulting company; or (b) the authority or the body constituted or established under a Central, State or Provincial Act, or a local authority or a public sector company, which is split up or reconstructed, to form a resulting company; (74)"demerger" means— (a) the transfer, pursuant to a scheme of arrangement under sections 391 to 394 of the Companies Act, 1956, by a demerged company of one or more of its undertakings to any resulting company, if— (i) all the assets and liabilities of the undertaking or undertakings 1 of 1956. immediately before the transfer become the assets and liabilities of the resulting company; (ii) the assets and the liabilities are transferred at values (other than change in the value of assets consequent to t....
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....out interest, and any distribution to shareholders of its preference shares by way of bonus, to the extent to which the company possesses accumulated profits, whether capitalised or not; (c) any distribution made to the shareholders (other than shareholders not entitled in the event of liquidation to participate in the surplus assets) of a company on its liquidation, to the extent to which the distribution is attributable to the accumulated profits of the company immediately before its liquidation, whether capitalised or not; (d) any distribution to its shareholders (other than shareholders not entitled in the event of liquidation to participate in the surplus assets) by a company on the reduction of its capital, to the extent to which the company possesses accumulated profits, whether such accumulated profits have been capitalised or not; and (e) any payment by a closely-held company, to the extent of its accumulated profits, if such payment is— (i) by way of advance or loan to a shareholder being the beneficial owner of equity shares holding not less than ten per cent. of the voting power; or (ii) by way of advance or loan to any Hindu undivided family, or a firm, or ....
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....the scheme— (a) of a Mutual Fund registered under the Securities and Exchange Board of India Act, 1992 or regulations made thereunder; and (b) which invests sixty-five per cent. or more of its investible funds in the form of equity shares in domestic companies, computed with reference to the annual average of the monthly averages of the opening and closing figures; (90) "equity shares" shall have the same meaning as assigned to it in section 85 of the Companies Act, 1956; (91) "execution of an authorisation for search or requisition" means — (a) in the case of a search, on the conclusion of the search as recorded in the last panchnama drawn in relation to the person in whose case the authorisation has been issued; or (b) in the case of requisition under section 136, on the date on which all the books of accounts, other documents or assets are received by the Requisitioning Officer; (92) "ex-serviceman" means— (a) a person who has served in any rank, whether as combatant or noncombatant, in the armed forces of the Union (but excluding the Assam Rifles, Defence Security Corps, General Reserve Engineering Force, Lok Sahayak Sena, Jammu and Kashmir Militia and Ter....
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....n; (d) state financial corporations; (e) state industrial investment corporations; or (f) a housing finance public company; (100) "financial intermediary" means stock broker or sub-broker or such other intermediary registered under section 12 of the Securities and Exchange Board of India Act, 1992 or the Depositories Act, 1996; (101)"financial lease" with its grammatical variations, means a lease transaction where— (a) contract for lease is entered into between two parties for leasing of a specific asset; (b) such contract is for use and occupation of the asset by the lessee; (c) the lease payment is calculated so as to cover the full cost of the asset together with the interest charges; and (d) the lessee is entitled to own, or has the option to own, the asset at the end of the lease period after making the lease payment; (102) "financial year" or "year" means— (a) the period beginning with the date of setting up of a business and ending with the 31st day of March following the date of setting up of such business; (b) the period beginning with the date on which a source of income newly comes into existence and ending with the 31st day of March following....
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....ion (2) or sub-section (3) of section 62, for that special source for that financial year; (112) "head office expenditure" means executive and general administration expenditure incurred by the assessee outside India, including expenditure incurred in respect of— (a) rent, rates, taxes, repairs or insurance of any premises outside India used for the purposes of the business; (b) salary, wages, annuity, pension, fees, bonus, commission, gratuity, perquisites or profits in lieu of or in addition to salary, whether paid or allowed to any employee or other person employed in, or managing the affairs of, any office outside India; (c) traveling by any employee or other person employed in, or managing the affairs of, any office outside India; and (d) such other matters connected with administration as may be prescribed; (113) "heavy goods vehicle" shall have the same meaning as assigned to it in section 2 of the Motor Vehicles Act, 1988; (114) "horse race" means a horse race upon which wagering or betting is lawfully made; (115) "hospital" includes a dispensary or a clinic or a nursing home; (116) "house property" means— (a) any building or land appurtenant thereto....
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....eans the income as computed under section 21; (125) "income under the head 'Income from employment' " means the income in respect of that head, as computed under sub-section (1) of section 60; (126) "income from house property" means the income as computed under section 25; (127) "income under the head 'Income from house property' " means the income in respect of that head, as computed under sub-section (1) of section 60; (128) "income from residuary sources" means the income as computed under section 55; (129) "income under the head 'Income from residuary sources' " means the income in respect of the head as computed under sub-section (11) of section 60; (130) "Income-tax Officer" means a person appointed to be an Income-tax Officer under section 127; (131) "India" means— (a) the territory of India as referred to in article 1 of the Constitution; (b) its territorial waters, continental shelf, exclusive economic zone or any other maritime zone as defined in the Territorial Waters, Continental Shelf, Exclusive Economic Zone and Other Maritime Zones Act, 1976; (c) the sea-bed and the subsoil underlying the territorial waters; and (d) the air space above its te....
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....tional Investor; (c) any undertaking or division of a business; (142) "jewellery" in relation to a capital asset, includes— (a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stone, and whether or not worked or sewn into any wearing apparel; (b) precious or semi-precious stones, whether or not set in any furniture, utensil or other article, worked or sewn into any wearing apparel; (143) "Joint Commissioner" means a person appointed to be a Joint Commissioner of Income-tax or an Additional Commissioner of Income-tax under section 127; (144) "Joint Director" means a person appointed to be a Joint Director of Income-tax or an Additional Director of Income-tax under section 127; (145) "Keyman insurance policy" means a life insurance policy taken by— (a) an employer on the life of an employee or a former employee; or (b) a person on the life of another person who is, or was, connected in any manner whatsoever with the business of the first-mentioned person; (146) "khadi" and "village industries" shall have the meanings respect....
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.... the aggregate of the term for which such lease is granted or to be extended is not less than twelve years; (155) "lottery" includes winnings from prizes awarded to any person by draw of lots or by chance or in any other manner whatsoever, under any scheme or arrangement by whatever name called; (156) "manufacture", with its grammatical variations, means a change in a nonliving physical object or article or thing— (a) resulting in transformation of the object or article or thing into a new and distinct object or article or thing having a different name, character and use; or (b) bringing into existence of a new and distinct object or article or thing with a different chemical composition or integral structure; (157) "material" includes any books of account, document, money, bullion, jewellery or other valuable article or thing; (158) "maximum marginal rate" means the rate of income-tax applicable in relation to the highest slab of income in the case of an individual or Hindu undivided family or artificial juridical person, as specified in the First Schedule; (159) "medical authority" means,— (i) the medical authority referred to in clause (p) of section 2 of the....
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....ies during the financial year; (vii) the actual beneficiaries of its activities are the general public, the Scheduled Castes, the Scheduled Tribes, backward classes, or women or children; and (viii) it is registered as such under section 98; (170) "non-resident" means a person who is not a resident; (171) "non-resident deductee" means a person who is non-resident in India and receives any amount which is liable to deduction of tax at source under Chapter XIII; (172) "notice" means the legal instrumentality by which intimation is provided; (173) "notification" means a notification published in the Gazette of India and the expression "notify" shall be construed accordingly; (174) "option" in relation to sweat equity shares means a right but not an obligation, granted to an employee to apply for the sweat equity shares at a predetermined price; (175) "original investment asset" means an investment asset in respect of which deduction under section 55 is claimed; (176) "Overseas Depository Bank" means a bank authorised by the issuing company to issue Global Depository Receipts against issue of Foreign Currency Convertible Bonds or ordinary shares of the issuing company....
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....resources; (x) a building site or construction, installation or assembly project or supervisory activities in connection therewith; (xi) furnishing of services, including consultancy services, by the assessee through employees or other personnel engaged by him for such purpose; and (xii) an installation or structure or plant or equipment, used for exploration or for exploitation of natural resources; and (b) deemed to include— (i) a person, other than an independent agent being a broker, general commission agent or any other agent of independent status acting in the ordinary course of his business, acting in India on behalf of an assessee, if such person— (A) has and habitually exercises in India an authority to conclude contracts on behalf of the assessee, unless his activities are limited to the purchase of goods or merchandise for the assessee; (B) habitually maintains in India a stock of goods or merchandise from which he regularly delivers goods or merchandise on behalf of the assessee; or (C) habitually secures orders in India, mainly or wholly for the non-resident or for that non-resident and other non-residents controlling, controlled by, or subject to t....
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....nities, Protection of Rights and Full Participation) Act, 1995; or (ii) in clause (j) of section 2 of the National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999. (189) "person with severe disability" means— (i) a person with eighty per cent. or more of one or more disabilities, as referred to in sub-section (4) of section 56 of the Persons With Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995; or (ii) a person with severe disability referred to in clause (o) of section 2 of the National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999; (190) "personal effect" in relation to a capital asset means any movable property including wearing apparel and furniture held for personal use by the assessee or any member of his family dependant on him, but excludes,— (a) jewellery; (b) archaeological collections; (c) drawings; (d) paintings; (e) sculptures; and (f) any work of art; (191) "perquisite" means,— (a) the amenity, facility, privilege or service, whether convertible into money or not, p....
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....xpenditure referred to in this sub-clause of such employee does not exceed five lakh rupees in the financial year; (192) "place of effective management" means— (i) the place where the board of directors of the company or its executive directors, as the case may be, make their decisions; or (ii) in a case where the board of directors routinely approve the commercial and strategic decisions made by the executive directors or officers of the company, the place where such executive directors or officers of the company perform their functions: (193) "plant" includes ships, aircrafts, vehicles, books, scientific apparatus and surgical equipment but does not include tea bushes, livestock, buildings or furniture and fittings; (194) "political party" means a political party registered and recognised under the Representation of the People Act, 1951; (195) "predecessor" in relation to a business reorganisation means— (a) the amalgamating company, in the case of amalgamation; (b) the merging company in the case of business reorganisation referred to in sub-clause (b) of clause (41); (c) the demerged company, in the case of demerger; or (d) the unincorporated body or the....
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....hall have the same meaning as assigned to it in section 3 of the Companies Act, 1956; (204) "public financial institution" shall have the same meaning assigned to it in section 4A of the Companies Act, 1956; (205) "public sector company" means— (a) any corporation established by or under any Central, State or Provincial Act, or (b) a Government company as defined in section 617 of the Companies Act, 1956; (206) "public servant" shall have the same meaning as assigned to it in section 21 of the Indian Penal Code; (207) "rate of exchange" means the rate of exchange determined or recognised by the Central Government for the conversion of Indian rupee into foreign currency or vice versa; (208) "rate of tax of the other country" means income-tax or wealth-tax, or as the case may be, and surcharge or cess thereon, if any, actually paid in the other country in accordance with the corresponding laws in force in the said country after deduction of all relief due, but before deduction of any relief due in the said country in respect of double taxation, divided by the whole amount of the income as assessed in the said country; (209) "rate in force" , in relation to a financi....
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....means a person who is resident and receives any amount liable to deduction of tax at source under Chapter XIII; (219) "resulting company" means— (a) one or more companies (including a wholly owned subsidiary thereof) to which the undertaking of the demerged company is transferred in a demerger, and the resulting company in consideration of such transfer of undertaking, issues shares to the shareholders of the demerged company; or (b) any authority, body, local authority or a company established, constituted or formed as a result of demerger; (220) "royalty" means consideration (including any lump-sum consideration but excluding any consideration which would be the income of the recipient chargeable under the head "Capital gains") for— (a) the transfer of all or any rights (including the granting of a licence) in respect of a patent, invention, model, design, trade mark, secret formula, process, or similar property; (b) the imparting of any information concerning the working of, or the use of, a patent, invention, model, design, secret formula, process, trade mark, or similar property; (c) the use of any patent, invention, model, design, secret formula, process, tr....
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....f an employee in any other fund; (k) any amount of interest credited, in the financial year, on the balance to the credit of an employee in a fund referred to in clause (j); (l) any annuity, pension or any commutation thereof; (m) any gratuity; (n) any fees or commission; (224) "Schedule" means a Schedule to this Code; (225) "scheduled bank" means any bank listed in the Second Schedule to the Reserve Bank of India Act, 1934; (226) "Scheduled Castes" and "Scheduled Tribes" shall have the meaning respectively assigned to them in clauses (24) and (25) of article 366 of the Constitution; (227) "scientific research and development" means systemic investigation and research in a field of technology, natural or applied science (including agriculture, animal husbandary or fisheries) if— (a) it is carried out by the assessee by means of experiment or analysis; (b) it is in the nature of— (i) basic research, namely, work undertaken for the advancement of scientific knowledge without a specific practical application in view; (ii) applied research, namely, work undertaken for the advancement of scientific knowledge with a specific practical application in view; or ....
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....; or (c) any other individual, whose name does not appear in the Register of Sikkim Subjects, but it is established beyond doubt that the name of such individual's father or husband or paternal grandfather or brother from the same father has been recorded in that register; (234) "slump sale" means the sale of any undertaking or division of a business for a lump-sum consideration without values being assigned to the individual assets and liabilities in such sale, other than the assignment of values to the assets or liabilities for the sole purpose of payment of stamp duty, registration fees or other similar taxes or fees; (235) "society" means a society registered under the Societies Registration Act, 1860 or under any law corresponding to that Act in force in any part of India; (236) "sold" includes a transfer by way of exchange or a compulsory acquisition under any law for the time being in force but does not include a transfer, in a scheme of business reorganisation, of any asset by the predecessor to the successor; (237) "special modes of acquisition" means— (a) acquisition of converted property by a Hindu Undivided Family; or (b) acquisition by any person in any....
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....action; (b) a contract in respect of raw materials or merchandise entered into by a person in the course of his manufacturing or merchandising business to guard against loss through future price fluctuations in respect of his contracts for actual delivery of goods manufactured, or merchandise sold by him; (c) a contract in respect of stocks and shares entered into by a dealer or investor therein to guard against loss in his holdings of stocks and shares through price fluctuations; and (d) a contract entered into by a member of a forward market or a stock exchange in the course of any transaction in the nature of jobbing or arbitrage to guard against loss which may arise in the ordinary course of his business as such member; (245) "speed boat" means a motor boat driven by a high speed internal combustion engine capable of propelling the boat at a speed exceeding 24 kilometers per hour in still water and so designed that when running at such speed, its bow will rise; (246) "stamp duty value" means— (a) the value adopted, or assessed, by any authority of the Central Government or a State Government for the purposes of payment of stamp duty in respect of an immovable prop....
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.... (a) income or total income, as the case may be, in relation to income-tax; (b) net wealth in relation to wealth-tax; (c) dividend distributed in relation to dividend distribution tax or income distributed in relation to tax on distributed income; (d) branch profits in relation to branch profits tax; (e) the income or total income, net wealth, or dividend or income distributed referred to in sub-clauses (a) to (c) of any other person in respect of which the assessee is assessable under this Code; (259) "Tax Recovery Officer" means any Income-tax Officer who may be authorised by the Chief Commissioner or the Commissioner, by general or special order in writing— (a) to exercise the powers of a Tax Recovery Officer; and (b) to exercise or perform such powers and functions, which are conferred on or assigned to an Assessing Officer, as may be prescribed; (260) "test of continuity of business" stands satisfied, in case of a successor, if he— (a) holds at least three-fourths of the book value of fixed assets of the predecessor acquired through business reorganisation, continuously for a minimum period of five financial years immediately succeeding the financial y....
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....he distribution of the asset on account of liquidation or dissolution of a company; (i) any transaction allowing the possession of an immovable property, to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882; (j) any transaction which enables the enjoyment of the asset, being any immovable property, whether by way of becoming a participant in an unincorporated body or acquiring shares in a company or by way of any agreement, arrangement or in any other manner; (k) the maturity or redemption of a zero coupon bond; (l) slump sale; (m) any damage to the insured asset or its destruction as a result of— (i) flood, typhoon, hurricane, cyclone, earthquake or any other convulsion of nature; (ii) riot or civil disturbance; (iii) accidental fire or explosion; or (iv) action by an enemy or action taken in combating an enemy (whether with or without a declaration of war); (n) transfer of securities by a person having beneficial interest in the securities held by a depository as registered owner; (o) distribution of money or the asset to a participant in an unincorporated body on account o....
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....unabsorbed current horse race loss for the financial year immediately preceeding the relevant financial year; (278) "unabsorbed preceeding year loss from ordinary sources" means the unabsorbed current loss from ordinary sources, for the financial year immediately preceeding the relevant financial year; (279) "unabsorbed preceeding year loss from the special source" means the unabsorbed current loss from the special source, of the financial year immediately preceeding the relevant financial year; (280) "unabsorbed preceeding year speculative loss" means the unabsorbed current speculative loss for the financial year immediately preceeding the relevant financial year; (281) "undertaking" in relation to demerger includes— (a) any part of an undertaking; (b) a unit or division of an undertaking; (c) a business activity taken as a whole; or (d) individual assets or liabilities or any combination thereof which constitutes a business activity; (282) "unincorporated body" means— (a) a firm; (b) an association of persons; or (c) a body of individuals; (283) "university" means a university established or incorporated by or under a Central, State or Provincial Act....
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....res; (290) "venture capital company" means a company— (a) which has been granted a certificate of registration as a venture capital company under the Securities and Exchange Board of India Act, 1992; and (b) which fulfils all other conditions as may be prescribed in this behalf; (291) "venture capital fund" means a fund— (a) which has been granted a certificate of registration as a venture capital fund under the Securities and Exchange Board of India Act, 1992; and (b) which fulfils all other conditions as may be prescribed in this behalf; (292) "venture capital undertaking" means a domestic company whose shares are not listed in a recognised stock exchange in India and which is engaged in the business of— (a) nano-technology; (b) information technology relating to hardware and software development; (c) seed research and development; (d) bio-technology; (e) research and development of new chemical entities in the pharmaceutical sector; (f) production of bio-fuels; (g) dairy and poultry; (h) building and operating composite hotel cum convention centre with seating capacity of more than three thousand; (i) development of infrastructural facility;....