TaxTMI 
TaxTMI 
Definitions
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....connected directly or indirectly to another person and includes,- (a) any relative of the person, if such person is an individual; (b) any director of the company or any relative of such director, if the person is a company; (c) any partner or member of a firm or association of persons or body of individuals or any relative of such partner or member, if the person is a firm or association of persons or body of individuals; (d) any member of the Hindu undivided family or any relative of such member, if the person is a Hindu undivided family; (e) any individual who has a substantial interest in the business of the person or any relative of such individual; (f) a company, firm or an associa....
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....(7) "relative" shall have the meaning assigned to it in the Explanation to clause (vi) of sub-section (2) of section 56; (8) a person shall be deemed to have a substantial interest in the business, if,- (a) in a case where the business is carried on by a company, such person is, at any time during the financial year, the beneficial owner of equity shares carrying twenty per cent or more, of the voting power; or (b) in any other case, such person is, at any time during the financial year, beneficially entitled to twenty per cent or more, of the profits of such business; (9) "step" includes a measure or an action, particularly one of a series taken in order to deal with or achieve a particular thing or object in the ar....
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....he rate of income-tax applicable to its total income, on the amount of its income from all sources other than from any business carried on by it the shares in either case being computed in the manner laid down in section 67." 2. Inserted vide Section 41 of the Finance Act 2012 w.e.f. 01-04-2014 3. Omitted vide Section 25 of the Finance Act, 2013 w.e.f. 01-04-2014 before it was read as, "^2[102. Definitions.-In this Chapter, unless the context otherwise requires,- (1) "arrangement" means any step in, or a part or whole of, any transaction, operation, scheme, agreement or understanding, whether enforceable or not, and includes the alienation of any property....
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....r; (h) any other person who carries on a business, if- (i) the person being an individual, or any relative of such person, has a substantial interest in the business of that other person; or (ii) the person being a company, firm, association of persons, body of individuals, whether incorporated or not, or a Hindu undivided family, or any director, partner or member of such company, firm or association of persons or body of individuals or family, or any relative of such director, partner or member, has a substantial interest in the business of that other person; (4) "benefit" includes a payment of any kind whether in tangible or intangible form; (5) "connected person" means any person who is conne....