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Finance Act, 2012, (Central) Section 79

Title: Amendment of Section 206c

State: Central

Year: 2012

.....at the end,-- (I) for clause (a), the following clauses shall be substituted, namely:-- (a) "accountant" shall have the meaning assigned to it in the Explanation to sub-section (2) of section 288; (aa) "buyer" with respect to-- (i) sub-section (1) means a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table in sub-section (1) or the right to receive any such goods but does not include,-- (A) a public sector company, the Central Government, a State Government, and an embassy, a High Commission, legation, commission, consulate and the trade representation, of a foreign State and a club; or (B) a buyer in the retail sale of such goods purchased by him for personal consumption; (ii) sub-section (1D) means a person who obtains in any sale, goods of the nature specified in the said sub-section; (ab) "jewellery" shall have the meaning assigned to it in the Explanation to sub-clause (ii) of clause (14) of section 2.'; (II) in clause (c), after the words, brackets and figure "in sub-section (1)", the words, brackets, figure and letter "or sub-section (1D)" shall be inserted.

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