Who is a ‘specified person’?

Ans.  (I) 'Specified Person' means a person who fulfils the conditions mentioned as per section 245MA(5) of Income Tax Act, 1961 read with rule 44DAD of Income Tax Rules, 1962, which are as under:

A. he is not a person in respect of whom an order of detention has been made under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974.

Provided that—

(i) such order of detention, being an order to which the provisions of section 9 or section 12A of the said Act do not apply, has been revoked on the report of the Advisory Board under section 8 of the said Act or before the receipt of the report of the Advisory Board; or

(ii) such order of detention being an order to which the provisions of section 9 of the said Act apply, has not been revoked before the expiry of the time for, or on the basis of, the review under sub-section (3) of section 9, or on the report of the Advisory Board under section 8, read with sub-section (2) of section 9, of the said Act; or

(iii) such order of detention, being an order to which the provisions of section 12A of the said Act apply, has not been revoked before the expiry of the time for, or on the basis of, the first review under sub-section (3) of the said section, or on the basis of the report of the Advisory Board under section 8, read with sub-section (6) of section 12A, of the said Act; or

(iv) such order of detention has not been set aside by a court of competent jurisdiction;

B. he is not a person in respect of whom prosecution has been instituted and has been convicted of any offence punishable under any of the following Acts:

• Indian Penal Code, (45 of 1860)
• Unlawful Activities (Prevention) Act, 1967(37 of 1967)
• Narcotic Drugs and Psychotropic Substances Act, 1985(61 of 1985)
• Prohibition of Benami Transactions Act, 1988 (45 of 1988)
• Prevention of Corruption Act, 1988 (49 of 1988) or
• Prevention of Money Laundering Act, 2002 (15 of 2003)

C. he is not a person in respect of whom prosecution has been initiated by an Income-tax authority for any offence punishable under the provisions of the Act or the Indian Penal Code (45 of 1860) or for the purpose of enforcement of any civil liability under any law for the time being in force, or such person has been convicted of any such offence consequent upon the prosecution initiated by an Income-tax Authority.

D. he is not a person who has been convicted of any such offence consequent to the prosecution initiated by an Income-tax authority;

E. he is not notified under Section 3 of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 (27 of 1992);

F. he is not a person in respect of whom proceedings under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 have been initiated for the assessment year for which resolution of dispute is sought as per rule 44DAD of Income Tax Rules, 1962.

(II)  such other conditions, as may be prescribed.