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of <h1>Definitions for general anti-avoidance rule: arrangement, asset, benefit, connected person, fund, party, step, substantial interest, tax benefit</h1> Chapter defines terms for the general anti-avoidance rule: 'arrangement' covers any step, transaction, scheme or understanding (including property alienation); 'asset' means property or rights; 'benefit' includes any payment; 'connected person' broadly includes relatives, directors, partners, members, HUFs, entities with substantial interests and related persons; 'fund' covers cash, cash equivalents and rights/obligations to receive or pay them; 'party' means any person or permanent establishment in an arrangement; 'step' is any measure or action; 'substantial interest' is beneficial ownership of =20% voting power or =20% profit entitlement; 'tax benefit' includes reduction, avoidance, deferral of tax or increased refund (including via tax treaties).
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