Income Tax Act (Cap. 123), article 42

42. Where, in the opinion of the Commissioner, a series of transactions is effected with the sole or main purpose of reduc ing the amount of tax payable by a person by reason of the operatio n of the investment income provisions, such a person shall be assess able as if the aforesaid provisions did not apply, and any tax withh eld in respect of income received under one or more of the aforesaid transactions shall be available as a credit against the tax lia bility of the person receiving such income, or for a refund as the case m ay be, for the relevant year of assessment. For the purposes of this article, a "series of transactions" shall mean any two or more corr esponding or circular transactio ns, carried out by the same person, e ither directly or indirectly, as the case may be. Certain undistributed profits to be deemed to be distributed. Amended by: VI.1953.2; XXVIII.1978.11; VIII.1987.5 Renumbered by: XVII. 1994.2. Amended by: XVII. 1994.17; II. 2007.14; I. 2010.24; IV . 2011.18; XVI. 2017.20; VII.2019.20; VII.2022.27.