https://www.taxtmi.com/article/detailed?id=1669 GAAR permits characterising an arrangement as an impermissible avoidance arrangement when its main purpose is obtaining a tax benefit and it creates non-arm's-length rights, results in misuse or abuse of tax provisions, lacks commercial substance, or is carried out by means not ordinarily used for bona fide purposes. Once invoked, authorities may disregard or combine steps, reallocate tax attributes, treat accommodating or connected parties as one, recharacterise residence or situs of assets or transactions, and look through corporate structures; the procedure includes reference to a Commissioner and an Approving Panel. en-us Fri, 23 Mar 2012 16:22:50 +0530 Sat, 24 Mar 2012 12:47:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1669 GAAR permits characterising an arrangement as an impermissible avoidance arrangement when its main purpose is obtaining a tax benefit and it creates non-arm's-length rights, results in misuse or abuse of tax provisions, lacks commercial substance, or is carried out by means not ordinarily used for bona fide purposes. Once invoked, authorities may disregard or combine steps, reallocate tax attributes, treat accommodating or connected parties as one, recharacterise residence or situs of assets or transactions, and look through corporate structures; the procedure includes reference to a Commissioner and an Approving Panel. Articles Income Tax Fri, 23 Mar 2012 16:22:50 +0530 https://www.taxtmi.com/article/detailed?id=1669