Explain the cases where provision of GAAR is not applicable under Rule 10U of the Income Tax Rules.

Rule 10U of Income Tax Rules, 1962 highlights the exclusion from GAAR. The following have been kept outside the purview GAAR: An arrangement where the tax benefit in the relevant assessment year arising, in aggregate, to all the parties to the arrangement does not exceed a sum of ₹3 Crore. An assessee, who is Foreign Institutional Investors (FII), who has not taken benefit of an agreement referred to in section 90 or section 90A as the case may be; and who has invested in listed securities, or unlisted securities, with the prior permission of the competent authority. A person, being a non-resident, in relation to investment made by him by way of offshore derivative instruments or otherwise, directly or indirectly, in a Foreign Institutional Investor. Any income accruing or arising to, or deemed to accrue or arise to, or received or deemed to be received by, any person from transfer of investments made before the 1st day of April, 2017 by such person. The provisions of GAAR shall not apply to any arrangement in respect of the tax benefit obtained from the arrangement on or before the 1st day of April, 2017. Note: It is to be noted that the threshold of ₹3 crore is not taxpayer specific and it has to be determined with regard to all the parties to the arrangement. Further, the Rules also provide that the tax benefit shall be with reference to the amount of tax, and in the case of an increase in loss, it will be with reference to the tax that would have been chargeable had the increase in loss referred to therein been the total income.