Definitions
In this Act, unless the context otherwise requires,—
(1) “Appellate Tribunal” means the Appellate Tribunal constituted under section 252 of the Income-tax Act;
2[(2) “assessee” means a person,—
(a) being a resident in India within the meaning of section 6 of the Income-tax Act, 1961 (43 of 1961) in the previous year; or
(b) being a non-resident or not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, 1961 in the previous year, who was resident in India either in the previous year to which the income referred to in section 4 relates; or in the previous year in which the undisclosed asset located outside India was acquired:
Provided that the previous year, in case of acquisition of undisclosed asset outside India, shall be determined without giving effect to the provisions of clause (c) of section 72.]
(3) “assessment” includes reassessment;
(4) “assessment year” means the period of twelve months commencing on the 1st day of April every year;
(5) “Board” means the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963);
(6) “Income-tax Act” means the Income-tax Act, 1961 (43 of 1961);
(7) “participant” means—
(a) a partner in relation to a firm; or
(b) a member in relation to an association of persons or body of individuals;
(8) “prescribed” means prescribed by rules made under this Act;
(9) “previous year” means—
(a) the period beginning with the date of setting up of a business and ending with the date of the closure of the business or the 31st day of March following the date of setting up of such business, whichever is earlier;
(b) the period beginning with the date on which a new source of income comes into existence and ending with the date of closure of the business or the 31st day of March following the date on which such new source comes into existence, whichever is earlier;
(c) the period beginning with the 1st day of the financial year and ending with the date of discontinuance of the business other than business referred to in clause (b) or dissolution of an unincorporated body or liquidation of a company, as the case may be; or
(d) the period of twelve months commencing on the 1st day of April of the relevant year in any other case,
and which immediately precedes the assessment year.
(10) “resident” means a person who is resident in India within the meaning of section 6 of the Income-tax Act;
(11) “undisclosed asset located outside India” means an asset (including financial interest in any entity) located outside India, held by the assessee in his name or in respect of which he is a beneficial owner, and he has no explanation about the source of investment in such asset or the explanation given by him is in the opinion of the Assessing Officer unsatisfactory;
(12) “undisclosed foreign income and asset” means the total amount of undisclosed income of an assessee from a source located outside India and the value of an undisclosed asset located outside India, referred to in section 4, and computed in the manner laid down in section 5;
(13) “unincorporated body” means—
(a) a firm;
(b) an association of persons; or
(c) a body of individuals;
(14) “value of an undisclosed asset” shall have the meaning assigned to it in sub-section (2) of section 3;
(15) All other words and expressions used herein but not defined and defined in the Income-tax Act shall have the meanings respectively assigned to them in that Act.