20. Insertion of section 64A in the principal enactment

The following new section is hereby inserted immediately after section 64 of the principal enactment and shall have effect as section 64A of that enactment:-

64A. Where the assessor is of the opinion that any transaction which reduces or would have the effect of reducing the amount of tax payable by any person is artificial or fictitious or that any disposition is not in fact given effect to, he may disregard any such transaction or disposition and the parties to the transaction or disposition shall be assessable accordingly.

In this section “disposition” includes any trust, grant, covenant, or arrangement.”.

“Certain transactions and dispositions to be disregarded.

Act, No. 17 of 2013