Definitions

In this Act, unless the context otherwise requires- (क) "Adjudicating Authority" means the Adjudicating Authority appointed by the State Government by notification in the Official Gazette; (ख) "Administrator" means the Administrator appointed by the State Government by notification in the Official Gazette; (ग) "Appellate Tribunal" means the Appellate Tribunal established by the State Government by notification in the Official Gazette; (घ) "Approving Authority" means the Approving Authority appointed by the State Government by notification in the Official Gazette; (ङ) "Authority" means the Authority referred to in section 7; (च) "Benami property" means any property which is the subject matter of a benami transaction; (छ) "Benami transaction" means - (क) a transaction or arrangement - (कक) where a property is transferred to, or is held by, a person, and the consideration for such property has been provided, or paid by, another person; and (कख) there the property is held by the person, other than the person who has provided the consideration, for the immediate or future benefit, direct or indirect, of the person who has provided the consideration: (1) any person who is a Karta or a member of a Hindu Undivided Family and is holding the property for his own benefit or for the benefit of other members of the family (2) any person who is standing in a fiduciary capacity for the benefit of another person and includes a trustee, executor, partner, director of a company, a depository or participant as an agent of a depository under the Depositories Act, 1996 and any other person as may be notified by the State Government for this purpose; (खग) a transaction or arrangement in respect of a property carried out or made in a fictitious name; (घ) a transaction or arrangement in respect of a property where the owner of the property is not aware of, or denies knowledge of, such ownership; (ज) "Benamidar" means a person or a fictitious person, as the case may be, in whose name the benami property is transferred or held and includes a person who lends his name; (झ) "Beneficial owner" means a person, whether his identity is known or not, for whose benefit the benami property is held by a benamidar; (ञ) "Fair market value" in relation to a property, means (1) The price that the property would ordinarily fetch on sale in the open market on the relevant date, (2) Where the price referred to in sub-clause (1) is not ascertainable, such price as may be determined in accordance with the rules made under this Act; (ट) "Initiating Officer" means an Initiating Officer appointed by the State Government by notification in the Official Gazette; (ठ) "Notification" means a notification published in the Official Gazette and the expression "notified" shall be construed accordingly; (ड) "High Court" means (1) within the jurisdiction of which the aggrieved party ordinarily resides or carries on business or personally works for gain, and (2) where the Government is the respondent, in the jurisdiction of High Court within which the respondent or where there is more than one respondent in the case, any of the respondents ordinarily resides or carries on business or personally works for gain; (ढ) "Person" includes (1) an individual, (2) a Hindu Undivided Family, (3) a company, (4) a firm (including Limited Liability Partnership under the Limited Liability Partnership Act, 2008), (5) an association of persons or a body of individuals, whether incorporated or not, (6) every artificial juridical person not falling within the preceding sub-clauses; Explanation - For the purpose of this clause, an association of persons or a body of individuals or an artificial juridical person shall be deemed to be a person, whether or not such person or body or artificial juridical person was formed or established or incorporated with the object of profit, gain, or income. (ण) "Prescribed" means prescribed by rules made under this Act; (त) "Property" means assets of any kind, whether movable or immovable, tangible or intangible, and includes any right or interest in such assets and where the property is capable of being converted into another form, such property in that converted form; (थ) "Special Court" means a Court of Magistrate designated as Special Court under sub-section (1) of section 26.