https://www.taxtmi.com/caselaws?id=753826 Chapter X-A of the Income-tax Act, 1961, with its overriding non-obstante clause, may be invoked where the arrangement is found to lack commercial substance, even if another anti-avoidance provision is also cited. On the facts, Section 94(8) was held inapplicable because the transaction was not a simple bonus-stripping case but part of a broader structured arrangement involving shares and related dealings. The Court also found prima facie material supporting an impermissible avoidance arrangement and artificial loss generation, so the notice and further GAAR proceedings under Section 144BA were legally open to continue and no writ interference was warranted. en-us Fri, 07 Jun 2024 00:00:00 +0530 Tue, 11 Jun 2024 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753826 Chapter X-A of the Income-tax Act, 1961, with its overriding non-obstante clause, may be invoked where the arrangement is found to lack commercial substance, even if another anti-avoidance provision is also cited. On the facts, Section 94(8) was held inapplicable because the transaction was not a simple bonus-stripping case but part of a broader structured arrangement involving shares and related dealings. The Court also found prima facie material supporting an impermissible avoidance arrangement and artificial loss generation, so the notice and further GAAR proceedings under Section 144BA were legally open to continue and no writ interference was warranted. Case-Laws Income Tax Fri, 07 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753826