Amendment of section 245K.

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....rred to as related person) shall not be entitled to apply" shall be substituted; (B) in sub-section (2), for the words "shall not be subsequently entitled", the words "or any related person shall not be subsequently entitled" shall be substituted; (C) after sub-section (2), the following Explanation shall be inserted, namely:- 'Explanation.-For the purposes of this section, "related person" wit....

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....ciation of persons or body of individuals, at any time before the date of application before the Settlement Commission by such person; (iv) where such person is a Hindu undivided family, the karta of that Hindu undivided family.'. - Clause 61 of the Bill seeks to amend section 245K of the Income-tax Act relating to bar on subsequent application for settlement. The existing provisions containe....

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....uch person holds more than fifty per cent. of the shares or voting power at any time, or any firm or association of person or body of individual in which such person is entitled to more than fifty per cent. of the profits at any time, or any Hindu undivided family in which such person is a karta; (ii) where such person is a company, any individual who held more than fifty per cent. of the shares....