GAAR nullifies Voda ruling!

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Not only does the Sec. 9 retrospective amendment overrule SC's Vodafone ruling but even the GAAR provisions nullify some important observations laid down by Chief Justice S.H. Kapadia. The CJI had laid down 6 tests to determine whether a transaction was for tax avoidance or not but the GAAR provisions expressly state that the following factors ( all of which found a mention in the SC ruling ) will not be considered while invoking GAAR:
(i) the period or time for which the arrangement (including operations therein) exists;(ii) the fact of payment of taxes, directly or indirectly, under the arrangement;(iii) the fact that an exit route (including transfer of any activity or business or operations) is provided by the arrangement.