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Arrangement to lack commercial substance [ Section 97(1)(a) ]

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Full Text of the Document

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....rrangement shall be deemed to lack commercial substance, if- (a) the substance or effect of the arrangement as a whole, is inconsistent with, or differs significantly from, the form of its individual steps or a part; or [ Section 97(1)(a) ] Clause (a) of section 97(1) is the codification of "substance v. form doctrine" It implies that where substance of an arrangement is different fr....

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