https://www.taxtmi.com/circulars?id=52657 General Anti-Avoidance Rules under the Income-tax Act were examined with recommendations to confine GAAR to abusive, contrived and artificial arrangements, to require the main purpose of obtaining tax benefit, and to define commercial substance by material effect on business risks or net cash flows. The Committee also proposed deferral of implementation, grandfathering of existing investments, a monetary threshold, restriction of connected person, exclusion where specific anti-avoidance rules or treaty limitation-of-benefits provisions apply, and procedural safeguards through a permanent Approving Panel, prescribed forms, time limits, and detailed Revenue reasons. en-us Mon, 14 Jan 2013 00:00:00 +0530 Thu, 09 Jul 2026 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=52657 General Anti-Avoidance Rules under the Income-tax Act were examined with recommendations to confine GAAR to abusive, contrived and artificial arrangements, to require the main purpose of obtaining tax benefit, and to define commercial substance by material effect on business risks or net cash flows. The Committee also proposed deferral of implementation, grandfathering of existing investments, a monetary threshold, restriction of connected person, exclusion where specific anti-avoidance rules or treaty limitation-of-benefits provisions apply, and procedural safeguards through a permanent Approving Panel, prescribed forms, time limits, and detailed Revenue reasons. Circulars Income Tax Mon, 14 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52657