General anti-avoidance rule
112. (1) Any arrangement entered into by a person may be declared as an impermissible avoidance arrangement and the consequences, under this Code, of the arrangement may be determined by,-
(a) disregarding, combining or re-characterising any step in, or a part or whole of, the impermissible avoidance arrangement;
(b) treating the impermissible avoidance arrangement-
(i) as if it had not been entered into or carried out; or
(ii) in such other manner as in the circumstances of the case the Commissioner deems appropriate for the prevention or diminution of the relevant tax benefit.
(c) treating parties who are connected persons in relation to each other as one and the same person; or
(d) disregarding any accommodating party or treating any accommodating party and any other party as one and the same person;
(e) deeming persons who are connected persons in relation to each other to be one and the same person;
(f) re-allocating, amongst the parties to the arrangement,-
(i) any accrual, or receipt, of a capital or revenue nature; or
(ii) any expenditure, deduction, relief or rebate;
(g) re-characterising-
(i) any equity into debt or vice-versa;
(ii) any accrual, or receipt, of a capital or revenue nature; or
(iii) any expenditure, deduction, relief or rebate;
(2) The provisions of this section may be applied in the alternative for, or in addition to, any other basis for making an assessment.
