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Beneficial interest
please calrify in reference to sec 40A(2)(b) of incomr tax act, 1961. what is thr definition of benficially entitled to 20% or more of equity/ votind rights? Can I say a subsidiary of assessee's subsidiary is a related party under 40A(2)(b)??although the same is covered by Accounting Standard 18. please clarify as i need to finalise a tax audit. quote judgment if any.
Replies (2)
(iv) a company, firm, 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;
I was asking the same...substantial interest means having 20% or more beneficial interest.. please clarify what does it mean???
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