Definition of 'Specified Person' Under Income Tax Act: Key Conditions and Exclusions Explained
A 'specified person' under the Income Tax Act, 1961, is defined by several conditions. They must not be subject to a detention order under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, unless specific revocations or reviews apply. They must not have been prosecuted or convicted under certain acts, including the Indian Penal Code, Unlawful Activities (Prevention) Act, and others related to corruption, money laundering, or narcotics. Additionally, they must not be involved in proceedings under the Black Money Act or be notified under the Special Court Act for securities-related offences. Other conditions may also apply as prescribed.
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