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of <h1>Finance Bill 2012 amends section 245C: Substantial interest now based on ownership at search date for tax settlements.</h1> Clause 87 of the Finance Bill, 2012, amends section 245C of the Income-tax Act regarding applications for settlement of cases. The amendment changes the criteria for determining a person's substantial interest in a business or profession. Previously, a person was considered to have a substantial interest if they were a beneficial owner at any time during the previous year. The amendment specifies that substantial interest is determined by ownership on the date of search. This change, effective from July 1, 2012, affects the conditions under which an application for settlement can be made, particularly concerning the additional tax payable exceeding ten lakh rupees.
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