96. Impermissible a voidance arrangement. - (1) An impermissible avoidance arrangement means an arrangement, the main purpose or one of the main purposes of which is to obtain a tax benefit and it -
(a)creates rights, or obligations, which are not ordinarily created between persons dealing at arm's length;(b)results, directly or indirectly, in the misuse, or abuse, of the provisions of this Act;(c)lacks commercial substance or is deemed to lack commercial substance under section 97, in whole or in part; or(d)is entered into, or carried out, by means, or in a manner, which are not ordinarily employed for bona fide purposes.(2)An arrangement shall be presumed to have been entered into, or carried out, for the main purpose of obtaining a tax benefit, if the main purpose of a step in, or a part of, the arrangement is to obtain a tax benefit, notwithstanding the fact that the main purpose of the whole arrangement is not to obtain a tax benefit.
