Related-party application restriction: settlement applications by related applicants require higher additional tax disclosure before admission. A new proviso disqualifies settlement applications by applicants related to a person who has filed an application (the specified person) where assessment or reassessment proceedings are initiated in respect of the applicant, unless the additional tax payable on disclosed income exceeds the prescribed threshold; an Explanation defines 'applicant in relation to the specified person' (relatives, directors, partners, members, persons with substantial interest and related entities) and defines 'substantial interest' by beneficial shareholding/voting power in companies and beneficial profit entitlement in other concerns.
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Related-party application restriction: settlement applications by related applicants require higher additional tax disclosure before admission.
A new proviso disqualifies settlement applications by applicants related to a person who has filed an application (the specified person) where assessment or reassessment proceedings are initiated in respect of the applicant, unless the additional tax payable on disclosed income exceeds the prescribed threshold; an Explanation defines "applicant in relation to the specified person" (relatives, directors, partners, members, persons with substantial interest and related entities) and defines "substantial interest" by beneficial shareholding/voting power in companies and beneficial profit entitlement in other concerns.
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