https://www.taxtmi.com/article/detailed?id=5221 An arrangement is an impermissible avoidance arrangement if its main purpose is obtaining a tax benefit and it creates non arm's length rights or obligations, results in misuse or abuse of the Act, lacks commercial substance as defined, or is effected by means not ordinarily employed for bona fide purposes. The Assessing Officer may refer suspected cases to the Commissioner, who after notice and opportunity to be heard may direct declaration or refer to an Approving Panel. Directions of the Approving Panel are binding on the assessee and tax authorities and must be implemented in assessments or reassessments. en-us Sat, 03 Aug 2013 08:15:08 +0530 Sat, 03 Aug 2013 08:15:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5221 An arrangement is an impermissible avoidance arrangement if its main purpose is obtaining a tax benefit and it creates non arm's length rights or obligations, results in misuse or abuse of the Act, lacks commercial substance as defined, or is effected by means not ordinarily employed for bona fide purposes. The Assessing Officer may refer suspected cases to the Commissioner, who after notice and opportunity to be heard may direct declaration or refer to an Approving Panel. Directions of the Approving Panel are binding on the assessee and tax authorities and must be implemented in assessments or reassessments. Articles Income Tax Sat, 03 Aug 2013 08:15:08 +0530 https://www.taxtmi.com/article/detailed?id=5221