Definitions

In force As on 07 Oct 2026

Ministry Finance Cited by 1 provision

Section 116 of the Finance Act, 2013 deals with definitions. Definitions 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);

Definitions
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 [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]
(8) words and expressions used but not defined in this Chapter and defined in the [Securities Contracts (Regulation) (42 of 1956)] Act, 1956,, the Income-tax Act, 1961 (43 of 1961), or the rules made [or the notifications issued], shall have the meanings respectively assigned to them in those Acts.
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Section 116, The Finance Act, 2013.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Income-tax Act s. 252 Appellate Tribunal

Referred to by 1

s. 127 Penalty not to be imposed in certain cases

Questions about Section 116

What does Section 116 of the Finance Act deal with?

Section 116 of the Finance Act is headed "Definitions". Definitions 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);

How do I find court cases under Section 116 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2013 116, section 116 Finance Act 2013, section 116 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 116 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 252 (Appellate Tribunal), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2013. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

First Schedule. First Schedule7233 words
2. Income-tax3208 words
26. Insertion of new Chapter X-A1952 words
103. Amendment of Act 32 of 19941412 words
5. Amendment of section 101253 words
39. Insertion of new section 144BA1225 words

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.

(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 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]
(8)		words and expressions used but not defined in this Chapter and defined in the [Securities Contracts (Regulation) (42 of 1956)] Act, 1956,, the Income-tax Act, 1961 (43 of 1961), or the rules made [or the notifications issued], shall have the meanings respectively assigned to them in those Acts.