<h1>General Anti-Avoidance Rule expands power to recharacterise arrangements and deny tax benefits under the new statutory regime.</h1> The Bill inserts a statutory General Anti-Avoidance Rule (GAAR) enabling authorities to declare arrangements impermissible where a main purpose is obtaining a tax benefit, to disregard, combine or recharacterise steps or parties, and to determine tax consequences by reallocation or treatment of residence, situs or character of amounts; it also introduces an Approving Panel and Commissioner-led procedure for binding directions. Concurrently, transfer pricing scope is extended to specified domestic transactions, a statutory Advance Pricing Agreement regime is created, and expanded documentation, reporting, penalty and assessment-time provisions are imposed for transfer-pricing and disclosure failures.