Amendment of section 245C.

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....ted with effect from the 1st day of July, 2012. - Clause 87 of the Bill seeks to amend section 245C of the Income-tax Act relating to application for settlement of cases. The existing provisions of clause (ia) of the proviso to sub-section (1) of the aforesaid section 245C provide that no application shall be made unless, in a case where the applicant is related to the person referred to in cla....

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.... or profession is carried on by a company, such person is at any time during the previous year, the beneficial owner of shares (not being share entitled to a fixed rate of dividend, whether with or without a right to participate in profits) carrying not less than twenty per cent. Of the voting power; and (B) in any other case, such person is, at any time during the previous year beneficially enti....