(5)Every guideline issued by the Board under sub-section (4) shall, as soon as may be after it is issued, be laid before each House of Parliament, and shall be binding on the income-tax authorities and on the assessee.Explanation.- For the purposes of this section,-(i)"reconstitution of the specified entity" means, where-(a)one or more of is 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;(ii)"specified entity" means a firm or other association of persons or body of individuals (not being a company or a cooperative society);(iii)"specified person" means a person, who is a partner of a firm or member of other association of persons or body of individuals (not being a company or a cooperative society) in any previous year.'.
