Definition of "Associated Person" Under Section 35AD(8)(a) of Income Tax Act: Key Criteria for Management, Control, and Shares

An "associated person" concerning an assessee under section 35AD(8)(a) of the Income Tax Act 1961 is defined as an individual or entity that: participates in the management, control, or capital of the assessee; holds at least 26% of the voting shares; appoints over half of the board directors or executive members; or guarantees at least 10% of the assessee's total borrowings.

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