Deemed Substantial Interest in the business - Definition / Legal Terminology - Income Tax

As per section 102(8) of the Income tax Act 1961. For the purpose of Chapter X-A(General anti-avoidance rule) , unless the context otherwise requires,- ''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 shares carrying twenty per cent or more, of the voting power; or (b) in any other case, such person is, at any time during the financial year, beneficially entitled to twenty per cent or more, of the profits of such business;