What is Treatment of connected person and accommodating
party? Application of this Chapter What is Framing of
guidelines? Section 99, 100 and 101 of
Income Tax Act 1961
Treatment of connected person and accommodating party,
Application of this Chapter and Framing of guidelines are defined under sections
99, 100 and 101 of Income Tax Act 1961.
Provisions under these Sections are :
Section 99 of Income Tax Act "Treatment of
connected person and accommodating party"
Section 99. For the purposes of this Chapter, in
determining whether a tax benefit exists,-
(i) the parties who are connected persons in relation to
each other may be treated as one and the same person;
(ii) any accommodating party may be disregarded;
(iii) the accommodating party and any other party may be
treated as one and the same person;
(iv) the arrangement may be considered or looked through by
disregarding any corporate structure.
Section 100 of Income Tax Act "Application of
Section 100. The provisions of this
Chapter shall apply in addition to, or in lieu of, any other
basis for determination of tax liability.
Section 101 of Income Tax Act "Framing
Section 101. The provisions of this
Chapter shall be applied in accordance with such guidelines
and subject to such conditions, as may be prescribed.