Commodities Transaction Tax

Definitions.

116. In this Chapter, unless the context otherwise requires,—

 (1) "Appellate Tribunal" means the Appellate Tribunal constituted under section 252 of the Income-tax Act, 1961 (43 of 1961);

 (2) "Assessing Officer" means the Income-tax Officer or Assistant Commissioner of Income-tax or Deputy Commissioner of Income-tax or Joint Commissioner of Income-tax or Additional Commissioner of Income-tax who is authorised by the Board to exercise or perform all or any of the powers and functions conferred on, or assigned to, an Assessing Officer under this Chapter;

 (3) "Board" means the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963);

 (4) "commodities transaction tax" means tax leviable on the taxable commodities transactions under the provisions of this Chapter;

 (5) "commodity derivative" means—

 (i) a contract for delivery of goods which is not a ready delivery contract; or

 (ii) a contract for differences which derives its value from prices or indices of prices—

 (A) of such underlying goods; or

 (B) of related services and rights, such as warehousing and freight; or

 (C) with reference to weather and similar events and activities,

having a bearing on the commodity sector;

 (6) "prescribed" means prescribed by rules made under this Chapter;

 (7) "taxable commodities transaction" means a transaction of ¹[sale of commodity derivatives or sale of commodity derivatives based on prices or indices of prices of commodity derivatives or option on commodity derivatives or option in goods in respect of commodities, other than agricultural commodities, traded in recognised stock exchange];

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