Arrangement to lack commercial substance [ Section 97(1)(a) ]

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..... 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 [ Section 97(1)(a) ] Clause (a) of section 97(1) is the codification of "substance v. form doctrine" It implies that where substance of an arrangement is different f .....

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..... the device and to determine the true character of the relationship. But the legal effect of a transaction cannot be displaced by probing into the " substance of the transaction ". This principle applies alike to cases in which the legal relation is recorded in a formal document, and to cases where it has to be gathered from evidence--oral and documentary--and conduct of the parties to th .....

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