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In this Act, unless there is anything repugnant in the subject or context,— (a) ‘‘assessing authority’? means any person autho- rised by the Government to make any assess- ment under this Act ; (6) “Commissioner” means the person appointed as such by the Government under sub-section (1) of section 3 ; 1For Statement of Objects and Reasons, see Punjab Government Gazette (Extra- Ordinary), 1950, page 238. For State of Objects and Reasons, see Punjab Government Gazette (Extraordi- nary), 1957, page 551. *Substituted for the words ‘State of Punjab’? by the Punjab Reorganisation (Chandigarh) (Adaptation of Laws on State and Concurrent Subjects) Order, 1968, Short title, exe tent and com- mencement. Definitions. AB FORWARD CONTRACTS TAX [ V PUN] : 2 THE act, 1951 ’ ans any person, firm, Hindu Joint a nited concern, including an qr htj Family oh ” or association formed for the or “cham P conducting business in forwar d purpose 0 ho conducts such business in the contracts, Mite in the State either on his own po of oh behalf of any other person, arhti, Pehamber™ or association ; (c) ‘dealer’ } erson residing outside the meal an tre 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, ora 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 differ- ence 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 . under this Act Prescribed by rules made (8) “registereq? means registered under this Act ; (h) “sale” Means th € final sett] an agreement to sel] ement in respect of oods mentioned in a rward contract an » € It sha t ave been completes ; hall be deemed. to nN the date originally ma Other q tend Contract for this purpose or made ; Ich the fina] Settlement is [Central Govern- Substit yy “d n Aibba C lor the Words G , Nis QO a di 7 oO yer men . ad ion Of the S . runiad i ate of Puniah” by the Punja On of Laws ane ubab” by air of 1951 ] THE PUNJAB FORWARD CONTRACTS TAX 3 ACT, 1951