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REGISTERED No. D. (D.N.)-72

The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

No. 323] NEW DELHI, SATURDAY, JULY 31, 1982/SRAVANA 9, 1904 Separate paging is given to this Part in order that it may be filed as a separate compilation

(1)

518GI/82

2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(h1}

(4) The competent authority shall, within a period of sixty days from the date of the receipt by him of the statement in Form No, 37EE or, as the case may be, from the date of the i edification of the defects under sub-rule (,3), make an order registering the statement under section 269AB; and if no such older is made by the competent authority within the said period of sixty days, the statement shall be deemed to have been registered under section 269AB as on the date on which the s-aid period of sixty days expires."

3. In Appendix II to the piincipal rules, -ifter Form No.

37I-, the following form shall be inserted, namely :—

"FORM NO. 37Ffc"

[See rule 48DDf

STATEMENT TO Bb REGISThRhD WITH THH COMPI-ThNT AUTHORITY UNDFR SECTION 269AB (2) OF IHK INCOM1"-TAY

ACT, 1961

MINISTRY OF FINANCE

CENlTtAI/ BOARD OF DIRECT TAXES

New Delhi, the 3Jst July, 1982

INCOME-TAX

S.O. 546(E).—In exeiciso of the powers confcired hy sec- tion 295 of the Income-Lax Act, 1961 (43 ot 1961), the Ccntial Hoaid of Direct Taxes hereby makes the tollowing uiles further to amend the Income-tax Rules, 1962, namely :—

1 (1) These rules may be called the Income-ta\ (Eighth Amendment) Rules, 19S2,

(2) They shall come into foice on the dale of their publication in the Official Gazette,

2. In the Income-tax Rules, 1962 (hcieinafter referred to us the principal rules), after rule 48D, the following rules shall be inserted, namely ;—

"48DD. Statement to be registered with the competent authority under section 2&9AB.

(1) 1 he statement required to be registered with the com- petent authority under sub-section (2) of secion 269AB shall De in Form No, 37EE and shall be signed and venhed in ihe manner indicated theicin by each of the parlies to the tiansaction refencd to in sub-secljon (lj of that section or by any of the parlies to such transaction acting on behalf of himself and on behalf of the other parties.

12) The statement in Foim No, 37EE shall be made in duplicate and shall be furnished to the competent authority within a pcnod of thirty days from the date on which the hansaclion relerred to in sub-seclion (1) of section 269AB lakes place .

Provided that in relation to any such transaction which has taken place between the 1st day of July, 1982 and the date of the publication of the Income-tax (Eighth Amend- ment) Rules, 1982 in the Official Gazette, the provisions of this sub-rule shall have effect as if for the words "thirty days" the words ".sixty days" had been substituted.

(3) Where Ihe competent authority considers lhat the state- ment in Form No. 37EE furnished under sub-section (2) ot" section 269AB is defective, he may Intimate the defect h> the parties or. as the case may be. the parly furnishing such statement and give them an opportunity to rectify the defect •within n peiiod of fifteen days from the date of such intima- tion or within such further period which, on an 'ippiication made in this behalf, the competent authority may, in his dis- ciclion, allow; and if the defect is not rectified within the- peiiod of fifteen days or, as the case may be, the further peiiod so allowed, then, notwithstanding anything contained in anv o'her piovisnn of this mle, the statement in Form No. 37FF shall be tieatrd as an invalid statement and the provisions of the Act shall applv as il the parties to the tiansnc'ion had not complied with the provision of section 269 \B.

1. Name and address of the transferor

2. Name and address ot the tiansfeiee

3. @ Detailed description, location and other particulars oi the piopcrty transferred.

4. Whether land il freehold or leasehold

5. In the case of- building —

(a) ftoorwise plinth area

(bj year or years in which the building was cons- tiuctcd.

6 Whcle the transfei of propcity involves transaction

of the nature leferrcd ta in section 269AB(l)(a)

(a) date of transfer

(b) date on which possession of the property was taken

by the transferee. If the date at (b) above is prior t"> the dale at (a) above and the transferee letains the possession ot the property in aptr performance of the con- tract and docs some other act in furtherance oi the contract :—-

(i) the natuic of the act peifoimed by the trans-

feree in furtherance of the conttaet ;

liilthe date on which such act was performed by the tiansferec, Klso attach copy of (he con- tract)

7. Where the transfei of property involves tiansaction of the nature rcfened to in section 269AR(l)(b)—

(a) name and adrcss of the co-operative society com-

pany or othei association of persons

(b) date ol becoming a member nf and/or .icquuinp shares in co-opcialive society company oi other association of persons

(cl number and f.ice value of the shines

(d) if the tunsflr is otherwise than hy way of tiansfet of shaie in n co-operative society, a company or other iissocialion of pcisons

(i) the n.ilure ol net having the effect uf tumsferring or enabling the enjoyment, of properly

(iil the date of which sirh act w.ts performed (Attach staiemenl setting out the terms of the ;iKreemcnt or unangemenl)

8. Name and address of personts¹, if any, in occupation

of the propci ty.

4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II— 3 ^. 3'^Vl

9. 'Name anj address of any olher person!,;.) interested

in the property.

1(1 Consideration for transfer

11. Estimated fair market value of the property.

12. If the transfer is by way of exchange, description and location of the thing or thingH for which tho property i"j exchanged.

13. £,'Fair market value of the thing or things mentioned

against item 12.

14 If the considciation for transfer is lesR than the esti- mated fair market value, whether the transferee is a relative of the transferor, and, if ;£>, indicate rela- tionship and state whether the transfer for a consi- deration which is less than the fair market value i" on account of natural love and affection.

Signature(s) of the pt-rson(s) making

the statement.

VERIFICATION

I/We

do hereby declare that what is stated above is true to the best of my/our know- ledge and belief.

Verified today the day of 19 .

Signature

NOTES :

1. @ If the space is insufficient, separates enclosure may

be used for the purpose.

2. *"Person interested" ID relation to any immovable. property, includes all persons claiming or entitled to claim an inteiest in the compensation payable on account of the acquisition of the property umlei Chapter XXA of the Income-tax Act, 1961.

3. £"Fair market value", in relation to any immovable property transferred, means the price that immov- able property would ordinarily fetch on sale in the open market on the d^itc of execution of tht instrument of transfer of such property.

4. This statement should be signed by each of the parties, to the transaction rcfened to in section 269ABU) ot the Income-tax Act, 1961 or by any of the pmties lo such transaction acting on behalf of himself and on behalf of the olher parties. If the statement is signed only by one of such parties certified copy of document evidencing authority to act on bch.ilf of other parties should be attached,

5. Verification should be made by all the parties signing

the statement.

6. The statement should be made in duplicate and should be accompanied by two copies of contract resulting in the transaction of the nature refcired to in section 269AB(l)(a) of the Income-tax Act, 1961 or, as the case may be, of a statement setting out the terms of the agreement oi arrangement resulting Tn the transaction of the nature referred to in section 269AB(l)(b) of that Act.".

fNo. 4846 (F. No. 30/FB/81-TPI (Pt )]

E, K. KOSHT, Secy.

Central Board of Direct Taxes