Associate - Definition / Legal Terminology - Income Tax

For the purpose of section 9A(9)(a) of the Income tax Act 1961, Associate means- an entity in which a director or a trustee or a partner or a member or a fund manager of the investment fund or a director or a trustee or a partner or a member of the fund manager of such fund, holds, either individually or collectively, share or interest, being more than fifteen per cent. of its share capital or interest, as the case may be;