Definitions

In this Act, unless there is anything repugnant in the subject or context,— (a) “assessing authority” means any person authorised by the 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 person, firm, Hindu Joint Family, or association formed for the purpose of conducting business in forward contracts, who conducts such business in the State either on his own behalf or on behalf of any other person, or as an arhti, or agent; provided that where any person residing outside the State conducts any 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 an; (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 shall be deemed to have been completed on the date on which the final settlement is made; Provided that the tender of any other contract for this purpose shall not affect the date originally made.