https://www.taxtmi.com/article/detailed?id=1294 The primacy of substance over form governs legal and tax characterisation: courts must read agreements as a whole, ascertain parties' intention and the transaction's commercial reality, and classify amounts by their true economic incidence rather than labels. Accounting standards require financial statements to reflect substance. Legitimate tax planning within law is permitted, but colourable devices or artificial arrangements that mischaracterise economic reality will be disregarded. en-us Thu, 19 May 2011 18:27:34 +0530 Thu, 19 May 2011 18:27:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1294 The primacy of substance over form governs legal and tax characterisation: courts must read agreements as a whole, ascertain parties' intention and the transaction's commercial reality, and classify amounts by their true economic incidence rather than labels. Accounting standards require financial statements to reflect substance. Legitimate tax planning within law is permitted, but colourable devices or artificial arrangements that mischaracterise economic reality will be disregarded. Articles Service Tax Thu, 19 May 2011 18:27:34 +0530 https://www.taxtmi.com/article/detailed?id=1294