For the purposes of this Chapter-

(1) “Tax Benefit” shall include the following, namely:-

(a) avoid or reduce income tax liability directly or indirectly;

(b) relieve, directly or indirectly, any person from liability to pay income-tax, or from potential or prospective liability to future income-tax;

(c) avoiding, postpone or reducing, directly or indirectly, any tax liability, or any potential or prospective liability for future income tax;

(d) Delay in Payment of Income Tax:

(e) avoidance of the obligation to deduct or collect tax at source and deposit such tax in the Government treasury;

(2) “System” means any consent, agreement, plan or understanding enforceable or in-enforceable and all such acts and transactions by which it is effected;

(3) “Abuse of the Tax System” means any system, by which the person affected or by any other person;

(a) which, in absence of this section, directly or indirectly creates one or more tax benefits unless the arrangement is reasonably adopted or created for a benefits purpose other than the purpose of obtaining a tax benefit; or

(b) which, becomes a part of more than one arrangement and the said arrangement, in the absence of this section, directly or indirectly creates one or more tax benefits unless the said arrangement is reasonably adopted or created for any purpose other than to obtain a tax benefit.