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of <h1>Defining 'Related Person' Under Section 245K: Key to Unraveling Economic Realities and Preventing Tax Evasion</h1> The term 'related person' under Section 245K of the Income Tax Act, 1961, refers to individuals or entities with significant ownership or profit entitlement in companies, firms, or Hindu undivided families. In the context of the Central Excise and Salt Act, a 'related person' is someone with direct or indirect business interests with the assessee, including holding or subsidiary companies, relatives, and distributors. The definition aims to uncover economic realities and prevent tax evasion by examining relationships beyond legal facades. Case law highlights the complexities in determining these relationships, focusing on ownership and business interests.
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