{"act":{"id":"finance-act-2015","short_title":"The Finance Act, 2015","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2015-2016.","act_number":"20","act_year":2015,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":165,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2015/"},"unit":"section","section":{"number":"62","heading":"Amendment of section 245K","text":"Amendment of section 245K. 62. In section 245K of the Income-tax Act, with effect from the 1st day of June, 2015,— (A) | in sub-section (1), for the words \"he shall not be entitled to apply\", the words and brackets \"he or any person related to such person (herein referred to as related person) shall not be entitled to apply\" shall be substituted; (B) | in sub-section (2), for the words \"shall not be subsequently entitled\", the words \"or any related person shall not be subsequently entitled\" shall be substituted; (C) | after sub-section (2), the following Explanation shall be inserted, namely:— 'Explanation.—For the purposes of this section, \"related person\" with respect to a person means,— (i) | where such person is an individual, any company in which such person holds more than fifty per cent of the shares or voting rights at any time, or any firm or association of persons or body of individuals in which such person is entitled to more than fifty per cent of the profits at any time, or any Hindu undivided family in which such person is a karta; (ii) | where such person is a company, any individual who held more than fifty per cent of the shares or voting rights in such company at any time before the date of application before the Settlement Commission by such person; (iii) | where such person is a firm or association of persons or body of individuals, any individual who was entitled to more than fifty per cent of the profits in such firm, association of persons or body of individuals, at any time before the date of application before the Settlement Commission by such person; (iv) | where such person is a Hindu undivided family, the karta of that Hindu undivided family.'.","html":"<p><b>Amendment of section 245K.</b></p><p><b>62.</b> In section 245K of the Income-tax Act, with effect from the 1st day of June, 2015,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>in sub-section (1), for the words \"he shall not be entitled to apply\", the words and brackets \"he or any person related to such person (herein referred to as related person) shall not be entitled to apply\" shall be substituted;</td></tr><tr><td>(<i>B</i>)</td><td></td><td>in sub-section (2), for the words \"shall not be subsequently entitled\", the words \"or any related person shall not be subsequently entitled\" shall be substituted;</td></tr><tr><td>(<i>C</i>)</td><td></td><td>after sub-section (2), the following <i>Explanation</i> shall be inserted, namely:—</td></tr><tr><td></td><td></td><td><i>'Explanation.</i>—For the purposes of this section, \"related person\" with respect to a person means,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>where such person is an individual, any company in which such person holds more than fifty per cent of the shares or voting rights at any time, or any firm or association of persons or body of individuals in which such person is entitled to more than fifty per cent of the profits at any time, or any Hindu undivided family in which such person is a <i>karta;</i></td></tr><tr><td>(<i>ii</i>)</td><td></td><td>where such person is a company, any individual who held more than fifty per cent of the shares or voting rights in such company at any time before the date of application before the Settlement Commission by such person;</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>where such person is a firm or association of persons or body of individuals, any individual who was entitled to more than fifty per cent of the profits in such firm, association of persons or body of individuals, at any time before the date of application before the Settlement Commission by such person;</td></tr><tr><td>(<i>iv</i>)</td><td></td><td>where such person is a Hindu undivided family, the <i>karta</i> of that Hindu undivided family.'.</td></tr></table></div>","words":299,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2015/section/62/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}