The Income Tax Act, 58 of 1962 (‘Income Tax Act’) contains various specific anti-avoidance rules aimed at preventing the abuse of certain specific sections in the Income Tax Act. However, over and above these specific anti-abuse provisions, the general anti-avoidance rules (‘the GAAR’) would also find application to cover further potential and unforeseen loopholes, or abuse of beneficial tax regimes, which exist nonetheless and are exploited by taxpayers. The GAAR is contained in sections 80A to 80L of the Income Tax Act. Its provisions supersede any other contained in the Income Tax Act. Broadly speaking, the GAAR consists of 4 […]