Question

Which is not a requirement for the General Anti-Avoidance Rule to apply: There was no bona...

Which is not a requirement for the General Anti-Avoidance Rule to apply:

There was no bona fide non-tax purpose for the transaction

There was misuse or abuse of the law in that the result is not in the object or spirit of the law

There was a deliberate ignoring of the law

There must be a tax benefit
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Answer #1

General anti avoidance rule was implemented for any Misuse or abuse of tax laws. It restricts any kind of non commercial tax benefits. So it is basically implemented for the proper implementation of tax laws or avoid any kind of act which violates or abuse the tax laws. So in all the options except option (d) GAAR will be applicable. As all the statements shows somewhat breach or abuse or ignorance of tax laws. So in our case, where the GAAR is not applicable is option (d) there must be a tax benefit.

As taxation allows for tax benefits but GAAR is applicable on ignorance of tax laws.

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