Applicant - Definition / Legal Terminology - Income Tax

Applicant As per section 245N ( b) of the Income tax Act 1961. In the Chapter XIX-B (advance ruling), unless the context otherwise requires,- applicant means- (A) any person who- (I) is a non-resident referred to in sub-clause (i) of clause (a); or (II) is a resident referred to in sub-clause (ii) of clause (a); or (III) is a resident referred to in sub-clause (iia) of clause (a) falling within any such class or category of persons as the Central Government may, by notification in the Official Gazette, specify; or (IV) is a resident falling within any such class or category of persons as the Central Government may, by notification in the Official Gazette, specify in this behalf; or (V) is referred to in sub-clause (iv) of clause (a), and makes an application under sub-section (1) of section 245Q; As pe r section 96A(b) of Finance Act, 1994 applicant means,- (i) (a) a non-resident setting up a joint venture in India in collaboration with a non-resident or a resident; or (b) a resident setting up a joint venture in India in collaboration with a non-resident; or (c) a wholly owned subsidiary Indian company, of which the holding company is a foreign company, who or which, as the case may be, proposes to undertake any business activity in India; (ii) a joint venture in India; or (iii) a resident falling within any such class or category of persons, as the Central Government may, by notification in the Official Gazette, specify in this behalf, and which or who, as the case may be, makes application for advance ruling under sub-section (1) of section 96C. Explanation.- For the purposes of this clause, joint venture in India means a contractual arrangement whereby two or more persons undertake an economic activity which is subject to joint control and one or more of the participants or partners or equity holders is a non-resident having substantial interest in such arrangement;