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of <h1>Legal Framework Expands Definition of 'Benefit' Under Income Tax Act, Broadening Scope of Financial Transaction Interpretations</h1> A legal definition of 'benefit' under Income Tax Act section 102(3) encompasses payments in tangible or intangible forms. Black's Law Dictionary defines benefit as an advantage, privilege, profit, or gain, particularly the consideration moving to a promisee. This definition applies specifically to Chapter X-A's General Anti-Avoidance Rule, providing a broad interpretative framework for understanding financial transactions and considerations.
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