https://www.taxtmi.com/article/detailed?id=702 Tax avoidance is the lawful arrangement of affairs to reduce tax liability when transactions operate within the taxation statute and have genuine commercial purpose. Transactions that are sham, nominal, contrived or colorable devices designed solely to defeat tax may be disregarded; genuine transfers of income-producing assets that vest rights in another person are not avoidance. Advance ruling provisions exclude transactions prima facie designed for tax avoidance, but taking account of tax consequences or claiming statutory exemptions in bona fide transactions is permissible. en-us Wed, 03 Mar 2010 00:00:00 +0530 Wed, 05 Jan 2011 18:04:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=702 Tax avoidance is the lawful arrangement of affairs to reduce tax liability when transactions operate within the taxation statute and have genuine commercial purpose. Transactions that are sham, nominal, contrived or colorable devices designed solely to defeat tax may be disregarded; genuine transfers of income-producing assets that vest rights in another person are not avoidance. Advance ruling provisions exclude transactions prima facie designed for tax avoidance, but taking account of tax consequences or claiming statutory exemptions in bona fide transactions is permissible. Articles Income Tax Wed, 03 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=702