General anti-avoidance rule: commencement deferred and substantive procedural safeguards added to govern tax avoidance assessments. Government decisions implement GAAR with safeguards: the main purpose test for impermissible avoidance; a reasoned show cause notice and opportunity to rebut before invocation; consolidation into a single definition of connected person; revised Approving Panel with a judicial Chair whose directions bind both assessee and tax authorities; consideration limited to the impermissible part of arrangements; grandfathering of pre-existing investments; carve-outs for certain FII and non-resident investors; a monetary threshold to attract GAAR; retention and strengthening of advance rulings; auditor reporting requirements; and deferment of GAAR's commencement to April 1, 2016.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
General anti-avoidance rule: commencement deferred and substantive procedural safeguards added to govern tax avoidance assessments.
Government decisions implement GAAR with safeguards: the main purpose test for impermissible avoidance; a reasoned show cause notice and opportunity to rebut before invocation; consolidation into a single definition of connected person; revised Approving Panel with a judicial Chair whose directions bind both assessee and tax authorities; consideration limited to the impermissible part of arrangements; grandfathering of pre-existing investments; carve-outs for certain FII and non-resident investors; a monetary threshold to attract GAAR; retention and strengthening of advance rulings; auditor reporting requirements; and deferment of GAAR's commencement to April 1, 2016.
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