Shades of Substance – Rishi Kapadia, Partner, Dhruva Advisors

We are pleased to present a book on ‘substance’ authored by our Partner- Rishi Kapadia.

Titled, ‘Shades of Substance’, the book provides an in-depth analysis on the concept of ‘substance’ in the light of various specific and general anti-abuse provisions such the GAAR, POEM etc. In addition to Indian jurisprudence, the book also discusses precedents from various other countries including Canada, Australia, New Zealand, UK and South Africa.


  • Overview of GAAR, interpretation of its various elements and procedural aspects.
  • Key anti‐avoidance principles and applicability under GAAR.
  • Interplay between GAAR and judicial Anti‐Avoidance rules.
  • International precedents on GAAR and their relevance in the Indian context.
  • Overview of BEPS Action Plan 6 and 7, signing of the Multilateral Instrument and its impact.
  • Concept of POEM, POEM guidelines and judicial precedents.
To purchase a copy of this book, please click here