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of <h1>Tax Authorities Gain Broad Powers to Recharacterize Transactions and Prevent Sophisticated Avoidance Strategies Under Section 95</h1> The statutory provision outlines consequences for impermissible avoidance arrangements in taxation. The tax authorities can disregard, recharacterize, or restructure transactions, treating connected parties as one entity, reallocating income or expenditures, and modifying residence or asset locations. The provision allows reclassification of equity, capital gains, and tax benefits to prevent tax avoidance strategies, providing comprehensive powers to challenge arrangements designed to circumvent tax obligations.
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