Section 269A:
Definitions.
1In this Chapter, unless the context otherwise requires,—
(a) 2
“apparent consideration”,—
(1) in relation to any immovable property transferred, being immovable property of the
nature referred to in sub-clause (i) of clause (e), means,—
(i) if the transfer is by way of sale, the consideration for such transfer as specified in the
instrument of transfer;
(ii) if the transfer is by way of exchange,—
(A) in a case where the consideration for 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, the
aggregate of the moneys (if any) payable by way of rent and the amounts for the service
or things forming part of or constituting the rent, as specified in the instrument of
transfer;
(C) in a case where the consideration for the transfer consists of premium and rent,
the aggregate of the amount of the premium, the moneys (if any) payable by way of rent
and the amounts for the service or things forming part of or constituting the rent, as
specified in the instrument of transfer,
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;
(2) in relation to any immovable property transferred, being immovable property of the nature
referred to in sub-clause (ii) of clause (e), means,—
(i) in a case where the consideration for the transfer consists of a sum of money only,
such sum;
(ii) in a case where the consideration for 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
the transfer;
(iii) 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 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 appointed (as it is hereby authorised to do) any special judicial officer within any specified local
limits to perform the functions of the court under this Chapter;
6
(d) “fair market value”,—
(i) in relation to any immovable property transferred by way of sale or exchange, being
immovable property of the nature referred to in sub-clause (i) of clause (e), means the price that
the immovable property would ordinarily fetch on sale in the open market on the date of
execution of the instrument of transfer of such property;
(ii) in relation to any immovable property transferred by way of lease, being immovable
property of the nature referred to in sub-clause (i) of clause (e), means the premium that such
transfer would ordinarily fetch in the open market on the date of execution of the instrument of
transfer of such property, if the consideration for such transfer had been by way of premium only;
(iii) in relation to any immovable property transferred, being immovable property of the
nature referred to in sub-clause (ii) of clause (e), means the consideration in the form of money
that such transfer would ordinarily fetch in the open market on the date of the transfer, if such
transfer had been made only for consideration in money;
(e) 7
“immovable property” means,—
(i) any land or any building or part of a building, and includes, where any land or any
building or part of a building is transferred together with any machinery, plant, furniture, fittings
or other things, 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 acquisition of that
property under this Chapter ;
11
(h) “transfer”,—
(i) in relation to any immovable property referred to in sub-clause (i) of clause (e), means
transfer of such property by way of sale or exchange or lease for a term of not less than twelve
years, and includes allowing the possession of such 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 (4 of 1882).
Explanation.—For the purposes of this sub-clause, a lease which provides for the extension of the
term thereof by a further term or terms shall be deemed to be a lease for a term of not less than twelve
years if the aggregate of the term for which such lease has been granted and the further term or terms for
which it can be so extended is not less than twelve years ;
(ii) in relation to any immovable property of the nature referred to in sub-clause (ii) of clause
(e), means the doing of anything (whether by way of transfer of shares in a co-operative society
or company or by way of any agreement or arrangement or in any other manner whatsoever)
which has the effect of transferring, or enabling the enjoyment of, such property.
Notes:
1. Chapter XXA, consisting of sections 269A to 269S, ins. by Act 45 of 1972, s. 4, (w.e.f. 15-11-1972).
2. Subs, by Act 22 of 1981, s. 2, for “certain words” (w.e.f. 1-7-1982).
3. Ins. by s. 2, ibid, (w.e.f. 1-7-1982).
4. Subs. by Act 3 of 1989, s. 48, for “an Assistant Commissioner of Income-tax” (w.e.f. 1-4-1988).
5. Subs. by Act 21 of 1998, s. 3, for “Deputy Commissioner” (w.e.f. 1-10-1998).
6. Subs. by Act 22 of 1981, s. 2, for clause (d) (w.e.f. 1-7-1982).
7. Subs. by s. 2, ibid., for “Immovable property means any land or any building” (w.e.f. 1-7-1982).
8. Subs. by Act 22 of 1981, s. 2, for “this clause” (w.e.f. 1-7-1982).
9. Ins. by s. 2, ibid. (w.e.f. 1-7-1982).
10. Subs. by s. 2, ibid., for clause (f) (w.e.f. 1-7-1982).
11. Subs. by s. 2, ibid, for clause (h) (w.e.f. 1-7-1982).