please explain who are the persons as per section 40A(2)(b) in case of a company...
whether share holders (50% above) of a company are covered in this section Or not.
The persons included in section 40(A)(2)(b) are mentioned as follows:
Where the assessee is an individual (any relative of the assessee)
Where the assessee is a company or a firm, association of persons or a Hindu Undivided Family (any director of the company, partner of the firm, or member of the association or family, or any relative of such director, partner or member)
Any individual who has a substantial interest in the business or profession of the assessee or any relative of such individual
A company, firm or association of persons, or Hindu Undivided Family having a substantial interest in the business or profession of the assessee or any director, partner or member of such company, firm, association or family or any relative of such director, partner or member;
A company, firm, association of members, or Hindu Undivided Family of which a director, partner or member, as the case may be has a substantial interest in the business or profession of the assessee, or any director partner or member of such company, firm, association or family or any relative of such director, partner or member
Any person who carries on a business or profession:
Where the assessee is an individual, or any relative of such assessee has a substantial interest in the business or profession of that person, or
Where the assessee being a company, firm, association of persons, Hindu Undivided Family, or any director of such company, partner of such firm or member of such association or family or relative of such director, partner or member has a substantial interest in the business or profession of that person.
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