Reconstitution of the Specified Entity - Definition / Legal Terminology - Income Tax

Explanation . (i) For the purposes of section 9B of the Income tax Act 1961,,- Reconstitution of the Specified Entity means, where- (a) one or more of its partners or members, as the case may be, of such specified entity ceases to be partners or members; or (b) one or more new partners or members, as the case may be, are admitted in such specified entity in such circumstances that one or more of the persons who were partners or members, as the case may be, of the specified entity, before the change, continue as partner or partners or member or members after the change; or (c) all the partners or members, as the case may be, of such specified entity continue with a change in their respective share or in the shares of some of them;