https://www.taxtmi.com/acts?id=16313 The General Anti-Avoidance Rule permits declaring an arrangement impermissible where its main purpose, or the main purpose of any step, is to obtain a tax benefit. An impermissible avoidance arrangement is identified by non-arm's-length rights, misuse or abuse of the Act, lack of commercial substance (including round trip financing, accommodating parties, offsetting elements, disguise of funds, or artificial asset/residence location), or non bona fide modes of execution. Consequences include disregarding, combining or recharacterising steps, treating parties as one, reallocating tax items, re siting residence or assets, and looking through corporate structures. en-us Tue, 29 May 2012 12:24:59 +0530 Tue, 29 May 2012 12:24:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=16313 The General Anti-Avoidance Rule permits declaring an arrangement impermissible where its main purpose, or the main purpose of any step, is to obtain a tax benefit. An impermissible avoidance arrangement is identified by non-arm's-length rights, misuse or abuse of the Act, lack of commercial substance (including round trip financing, accommodating parties, offsetting elements, disguise of funds, or artificial asset/residence location), or non bona fide modes of execution. Consequences include disregarding, combining or recharacterising steps, treating parties as one, reallocating tax items, re siting residence or assets, and looking through corporate structures. Act-Rules F. Acts / Amendment Acts Tue, 29 May 2012 12:24:59 +0530 https://www.taxtmi.com/acts?id=16313