Explain briefly the provision of General Anti Avoidance Rule ('GAAR') in the following independent cases: (a) General Anti Avoidance Rule ('GAAR') is regulated by section 95 of Income Tax Act, 1961 and do not over rule o
CS Professional · Advanced Tax Laws · PYQS · June 2022
Explain briefly the provision of General Anti Avoidance Rule ('GAAR') in the following independent cases: (a) General Anti Avoidance Rule ('GAAR') is regulated by section 95 of Income Tax Act, 1961 and do not over rule other sections of this Act.
Answer & Explanation:
The statement is incorrect as section 95 of the Income Tax Act, 1961 starts with a non-obstante clause which over rules all other provision of the entire act and shall have operation notwithstanding anything contained in this Act.
Topics: International Taxation
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