The Finance Bill, 2012, has fast-forwarded the General Anti-Avoidance Rules (Gaar) provisions from the Direct Taxes Code (DTC) and made them effective April 1, 2012. The avowed objective of the Gaar provisions is to codify the doctrine of 'substance over form' where the real intention of the parties and purpose of an arrangement is taken into account for determining the tax consequences, irrespective of the legal structure of the concerned transaction or arrangement.