Right from the industrial age, science and technology have been continually deployed to produce artificial products beneficial to mankind. For example, an impressive array of products (over 6,000) is ‘artificially’ derived from crude oil! However the taxman bucks the trend by viewing ‘artificial’ transactions, suspiciously. In the tax lingo, such transactions have been crafted without any substantive business object, but to achieve a reduction of the tax payable or to avoid tax liability altogether; accordingly, they must be struck down.
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