Impermissible avoidance arrangement procedure: reference to Commissioner, Approving Panel directions bind assessments and bar appeals. Assessing Officer must refer arrangements believed to be impermissible avoidance arrangements to the Principal Commissioner or Commissioner, who shall issue a reasoned notice for objections and may direct declaration if no objections are furnished; if objections are not accepted, the Commissioner refers the matter to an Approving Panel. The Approving Panel, composed of a judicial Chairperson, a senior revenue member and an academic, issues binding directions under Chapter X-A after providing opportunity to be heard, may order further inquiries and call records, and its directions are final and binding on the assessee and tax authorities.