Substantial interest timing changed to date of search, affecting settlement application eligibility and related tax-disclosure tests. The amendment substitutes "on the date of search" for "at any time during the previous year" in the Explanation to clause (b) of the proviso to ... Summary
Substantial interest timing changed to date of search, affecting settlement application eligibility and related tax-disclosure tests.
The amendment substitutes "on the date of search" for "at any time during the previous year" in the Explanation to clause (b) of the proviso to sub-section (1) of section 245C, so that substantial interest-whether beneficial ownership of company shares carrying voting power or beneficial entitlement to business profits-is determined as of the date of search, affecting identification of applicants related to specified persons and the application of related-person eligibility and tax-disclosure thresholds for settlement applications, effective 1 July 2012.
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