<h1>General Anti-Avoidance Rule narrowed to arrangements with main purpose tax benefit; procedural safeguards and scope limits introduced.</h1> The Government accepted Expert Committee recommendations on GAAR, narrowing the test to arrangements whose main purpose is to obtain a tax benefit and adding procedural safeguards: a reasoned show-cause notice by the assessing officer, an opportunity for the assessee to rebut impermissible avoidance findings, prescribed forms and time limits, combined definition of connected person, a reconstituted Approving Panel with a judicial Chair and binding directions on both assessee and tax authorities, scope limits including grandfathering, exclusions for certain non-resident investors and treaty opt-outs, a monetary threshold to trigger GAAR, and deferral of commencement to April 1, 2016.