Analyze the following situations and find out whether the entities are deemed associated enterprises or not: (iv) H Ltd. holds 30% of voting power in I Ltd., and I Ltd., holds 75% of voting power in J Ltd.

Deemed Associated Enterprises (Section 92A(2) of Income-tax Act, 1961): (iv) H Ltd., I Ltd., and J Ltd. (Voting Power): As per Section 92A(2)(a) of the Income-tax Act, 1961, two enterprises shall be deemed to be associated enterprises if one enterprise holds, directly or indirectly, shares carrying not less than 26% of the voting power in the other enterprise. In this case: H Ltd. and I Ltd.: H Ltd. holds 30% of the voting power in I Ltd. Since 30% is not less than 26%, H Ltd. and I Ltd. are deemed associated enterprises . I Ltd. and J Ltd.: I Ltd. holds 75% of the voting power in J Ltd. Since 75% is not less than 26%, I Ltd. and J Ltd. are deemed associated enterprises . H Ltd. and J Ltd.: H Ltd. indirectly holds voting power in J Ltd. through I Ltd. The indirect holding would be 30% (H Ltd. in I Ltd.) x 75% (I Ltd. in J Ltd.) = 22.5%. Since 22.5% is less than 26%, H Ltd. and J Ltd. are not deemed associated enterprises based on indirect voting power.