Section 269TT of Income Tax Act "Mode of repayment of Special Bearer Bonds, 1991"
269TT. Notwithstanding anything contained in any other law for the time being in force, the amount payable on redemption of Special Bearer Bonds, 1991, shall be paid only by an account payee cheque or account payee bank draft drawn in the name of the person to whom such payment is to be made.
269U. The provisions of this Chapter shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different areas.
269UA. In this Chapter, unless the context otherwise
requires,-
(a) "agreement for transfer" means an agreement, whether
registered under the Registration Act, 1908 (16 of 1908) or
not, for the transfer of any immovable property ;
(b) "apparent consideration",-
(1) in relation to any immovable property in respect of
which an agreement for transfer is made, being immovable
property of the nature referred to in sub-clause (i) of
clause (d), means,-
(i) if the immovable property is to be transferred by way of
sale, the consideration for such transfer as specified in
the agreement for transfer ;
(ii) if the immovable property is to be transferred 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 on which the agreement for transfer is
made ;
(B) in a case where the consideration for the trans-fer
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 on
which the agreement for transfer is made, and such sum ;
(iii) if the immovable property is to be transferred 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 agreement for 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 agreement for 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 agreement for
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 agreement for 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 agreement for transfer, determined by adopting such
rate of interest as may be prescribed in this behalf ;
(2) in relation to any immovable property in respect of
which an agreement for transfer is made, being immovable
property of the nature referred to in sub-clause (ii) of
clause (d), 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 on which the agreement for transfer is
made ;
(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 on
which the agreement for transfer is made, 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 agreement for 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 agreement for transfer, determined by adopting such
rate of interest as may be prescribed in this behalf ;
(c) "appropriate authority" means an authority constituted
under section 269UB to perform the functions of an
appropriate authority under this Chapter ;
(d) "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 to be 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 sub-clause, "land,
building, part of a building, machinery, plant, furniture,
fittings and other things" include any rights therein ;
(ii) any rights in or with respect to any land or any
building or a part of a building (whether or not including
any machinery, plant, furniture, fittings or other things
therein) which has been constructed or which is to be
constructed, accruing or arising from any transaction
(whether by way of becoming a member of, or acquiring shares
in, a co-operative society, company or other association of
persons or by way of any agreement or any arrangement of
whatever nature), not being a transaction by way of sale,
exchange or lease of such land, building or part of a
building ;
(e) "person interested", in relation to any immovable
property, includes all persons claiming, or entitled to
claim, an interest in the consideration payable on account
of the vesting of that property in the Central Government
under this Chapter ;
(f) "transfer",-
(i) in relation to any immovable property referred to in
sub-clause (i) of clause (d), 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 is to be 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 (d), means the
doing of anything (whether by way of admitting as a member
of or by way of transfer of shares in a co-operative society
or company or other association of persons 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.