General Anti-avoidance Rule (GAAR)
- On 11th June, 2024, the Telangana High Court ruled against a taxpayer against whom the revenue department had invoked General Anti-avoidance Rule (GAAR).
- This is the first judgment on GAAR, seven years after it came into effect on April 1, 2017.
- GAAR is an anti-tax avoidance law to curb tax evasion and avoid tax leaks. Its provisions come under the Income Tax Act, 1961.
- GAAR is a tool for checking aggressive tax planning, especially that transaction or business arrangement which is/are entered into with the objective of avoiding tax.
- It is specifically aimed at cutting revenue ....
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