Related-party disclosure threshold triggers enhanced scrutiny where related applicants face assessment proceedings and significant undisclosed income. Amendment inserts proviso-clause (ia) to section 245C making the section applicable where an applicant is related to a 'specified person' who filed an earlier application and assessment or reassessment proceedings under search/survey-related provisions have been initiated in respect of the applicant, provided the additional tax on disclosed income exceeds a high threshold. The inserted Explanation defines eligible related applicants-relatives, directors, partners, members, entities or individuals with a substantial interest-and prescribes that a substantial interest means prescribed beneficial ownership of voting power in a company or prescribed beneficial entitlement to profits in other businesses.
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Provisions expressly mentioned in the judgment/order text.
Related-party disclosure threshold triggers enhanced scrutiny where related applicants face assessment proceedings and significant undisclosed income.
Amendment inserts proviso-clause (ia) to section 245C making the section applicable where an applicant is related to a "specified person" who filed an earlier application and assessment or reassessment proceedings under search/survey-related provisions have been initiated in respect of the applicant, provided the additional tax on disclosed income exceeds a high threshold. The inserted Explanation defines eligible related applicants-relatives, directors, partners, members, entities or individuals with a substantial interest-and prescribes that a substantial interest means prescribed beneficial ownership of voting power in a company or prescribed beneficial entitlement to profits in other businesses.
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