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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>General Anti-Avoidance Rule in Income-tax Act Targets Tax Evasion, Effective April 2016, Under Chapter X-A</h1> Chapter X-A introduces the General Anti-Avoidance Rule (GAAR) into the Income-tax Act, effective April 1, 2016. It allows tax authorities to declare certain arrangements as impermissible if their main purpose is to gain a tax benefit. Such arrangements may involve non-arm's length dealings, misuse of tax provisions, or lack commercial substance. The chapter outlines the criteria for determining impermissible arrangements and the tax consequences, including disregarding or recharacterizing transactions. It also provides for treating connected parties as one entity and disregarding accommodating parties. Guidelines for implementation and definitions of relevant terms are included.
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