Income-tax Act, 1961

Section - 97 - Arrangement to lack commercial substance

Arrangement to lack commercial substance.

97. (1) An arrangement 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
(b)- it involves or includes-
(i)- round trip financing;
(ii)- an accommodating party;
(iii)- elements that have effect of offsetting or can .... To read the full section download the app from Google Play store