https://www.taxtmi.com/acts?id=17181 General Anti-Avoidance Rule allows declaration of an arrangement as an impermissible avoidance arrangement where its main purpose is to obtain a tax benefit, evidenced by non-arm's-length rights or obligations, misuse or abuse of the Act, lack of commercial substance, or atypical means. Lack of commercial substance includes discrepancies between substance and form, round-trip financing, accommodating parties, offsetting elements, concealment of funds, location choices solely for tax reasons, or absence of business-risk or cash-flow effects. Tax consequences may include disregarding, combining or recharacterising steps, treating parties as one, reallocating amounts, and looking through structures. en-us Fri, 01 Mar 2013 17:41:24 +0530 Sat, 02 Mar 2013 11:31:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=17181 General Anti-Avoidance Rule allows declaration of an arrangement as an impermissible avoidance arrangement where its main purpose is to obtain a tax benefit, evidenced by non-arm's-length rights or obligations, misuse or abuse of the Act, lack of commercial substance, or atypical means. Lack of commercial substance includes discrepancies between substance and form, round-trip financing, accommodating parties, offsetting elements, concealment of funds, location choices solely for tax reasons, or absence of business-risk or cash-flow effects. Tax consequences may include disregarding, combining or recharacterising steps, treating parties as one, reallocating amounts, and looking through structures. Act-Rules Bills Fri, 01 Mar 2013 17:41:24 +0530 https://www.taxtmi.com/acts?id=17181