Section 62 - Amendment of section 245K - Finance Act, 2015

Amendment of section 245K 62. In section 245K of the Income-tax Act, with effect from the 1st day of June, 2015,- (A) in sub-section (1), for the words he shall not be entitled to apply , the words and brackets he or any person related to such person (herein referred 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 with respect to a person means,- (i) where such person is an individual, any company in which such person holds more than fifty per cent. of the shares or voting rights at any time, or any firm or association of persons or body of individuals 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 or voting rights in such company at any time before the date of application before the Settlement Commission by such person; (iii) where such person is a firm or association of persons or body of individuals, any individual who was entitled to more than fifty per cent. of the profits in such firm, association 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. .