TMI BlogAmendment of section 245C.X X X X Extracts X X X X X X X X Extracts X X X X ..... e (i) who has filed an application (hereafter in this sub-section referred to as "specified person"); and (B) the proceedings for assessment or re-assessment for any of the assessment years referred to in clause (b) of sub-section (1) of section 153A or clause (b) of sub-section (1) of section 153B in case of the applicant, being a person referred to in section 153A or section 153C, have been in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of such director, partner or member; (iii) any individual who has a substantial interest in the business or profession of the specified person, or any relative of such individual; (iv) a company, firm, association of persons or Hindu undivided family having a substantial interest in the business or profession of the specified person or any director, partner or member of such company, firm, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of such firm or member of the association or family, or any relative of such director, partner or member, has a substantial interest in the business or profession of that person; (b) a person shall be deemed to have a substantial interest in a business or profession, if (A) in a case where the business or profession is carried on by a company, such person is, at any time during the previou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicant and the additional amount of income-tax payable on the income disclosed in the application exceeds fifty lakh rupees and in other cases if the additional amount of income-tax payable on the income disclosed in the application exceeds ten lakh rupees. It is proposed to insert a new clause (ia) in the proviso to sub-section (1) of the aforesaid section. It provides that no application ..... X X X X Extracts X X X X X X X X Extracts X X X X
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