Section 2 in The Punjab Forward Contracts Tax Act, 1951
2. Definitions.
- In this Act, unless there is anything repugnant in the subject or context,-(a)"assessing authority" means and person authorised by Government to make any assessment under this Act;(b)"Commissioner" means the person appointed as such by the Government under sub-section (1) of section 3.(c)"dealer" means any persons, firm, Hindu Joint family or limited concern, including an arthi or "chamber" or association formed for the purpose of conducting business in forward contracts, who conducts such business in the course of trade in the State either on his own behalf or on behalf of any other person, arhti; "chamber" or association;Explanation. - Where a person residing outside the State carries on the business of forward contracts in the State through an agent, such agent shall, in respect of such business, be deemed to be a dealer for the purposes of this Act;(d)"forward contract" means an agreement, oral or written, for sale of goods on a future date but on the basis of which actual delivery of goods is not made or taken but only the difference between the price of the goods agreed upon and that prevailing on the date mentioned in the agreement or any other date is paid or received by the parties;(e)"goods" means any movable commodity other than actionable claims, stocks, shares or securities, in respect of which a forward contact has been made;(f)"prescribed" means prescribed by rules made under this Act;(g)"registered" means registered under this Act;(h)"sale" means the final settlement in respect of an agreement to sell goods mentioned in a forward contract, and it shall be deemed to have been completed on the date originally fixed in the forward contract for this purpose or any other date on which the final settlement is made;(i)"Government" means the Government of the State of Punjab;(j)"year" means the financial year.
