https://www.taxtmi.com/acts?id=12154 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. en-us Sat, 09 Apr 2011 12:50:34 +0530 Sat, 09 Apr 2011 12:50:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12154 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. Act-Rules F. Acts / Amendment Acts Sat, 09 Apr 2011 12:50:34 +0530 https://www.taxtmi.com/acts?id=12154