TMI BlogDefinitionsX X X X Extracts X X X X X X X X Extracts X X X X ..... nsaction, operation, scheme, agreement or understanding; (2) asset includes property, or right, of any kind; (3) benefit includes a payment of any kind whether in tangible orintangible form; (4) connected person means any person who is connected directly or indirectly to another person and includes,- (a) any relative of the person, if such person is an individual; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sociation of persons or body of individuals or family, or any relative of such director, partner or member; (g) a company, firm or association of persons or body of individuals, whether incorporated or not, or a Hindu undivided family, whose director, partner, or member has a substantial interest in the business of the person, or family or any relative of such director, partner or member; (h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or takes part in an arrangement; (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as a result of a tax treaty; or (e) a reduction in total income; or (f) an increase in loss, in the relevant previous year or any other previous year; (11) tax treaty means an agreement referred to in sub-section (1) of section 90 or sub-section (1) of section 90A. .] ----------------------------------- Notes: 1. Inserted vide Finance Act 2013, w.e.f. 1st day of A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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