- 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 sale of commodity derivatives in respect of commodities, other than agricultural commodities, traded in recognised associations;(8)words and expressions used but not defined in this Chapter and defined in the Forward Contracts (Regulation) Act, 1952, (74 of 1952) the Income-tax Act, 1961, (43 of 1961) or the rules made thereunder, shall have the meanings respectively assigned to them in those Acts.
