Section 245C(1)(b) in The Income Tax Act, 1961

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Union of India - Subsection

Section 245C(1)(b) in The Income Tax Act, 1961

(b)a person shall be deemed to have a substantial interest in a business or profession, if—

(A)in a case where the business or profession is carried on by a company, such person is, on the date of search, the beneficial owner of shares (not being shares entitled to a fixed rate of dividend, whether with or without a right to participate in profits) carrying not less than twenty per cent of the voting power; and

(B)in any other case, such person is, on the date of search, beneficially entitled to not less than twenty per cent of the profits of such business or profession.

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Union of India - Subsection

Section 245C(1)(b) in The Income Tax Act, 1961