40A(b) The persons referred to in clause (a) are the following, namely :- (i) Where the assessee is an any relative of the assessee; individual
(ii) Where the assessee is a any director of the company, company, firm, association partner of the firm, or member of of persons or Hindu undivided the association or family, or any family relative of such director, partner or member;
(iii) Any individual who has a substantial interest in the business or profession of the assessee, or any relative of such individual;
(iv) A company, firm, association of persons or Hindu undivided family having 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;
(v) A company, firm, association of persons 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;
(vi) Any person who carries on a business or profession, - (A) Where the assessee being an individual, or any relative of such assessee, has a substantial interest in the business or profession of that person; or
(B) Where the assessee being a company, firm, association of persons or Hindu undivided family, or any director of such company, partner of such firm or member of the association or family, or any relative of such director, partner, or member, has a substantial interest in the business or profession of that person.
Explanation : For the purposes of this sub-section, 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, at any time during the previous year, 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, at any time during the previous year, beneficially entitled to not less than twenty per cent of the profits of such business or profession.