76. Grant of tax benefit or its negation.—

(1) If a person takes or expects to take, through any scheme, by misusing any of the provisions of this Act, a tax benefit, whose sole or principal purpose is to take such tax benefit, the Commissioner may, after giving such taxpayer an opportunity of being heard,  in specified cases and manners,  pass such reasonable order for assessing the accuracy, determination, negation or curtailment of such benefit and fix the responsibility of the beneficiary as if the particular proposal was not accepted or not made effective.

(2) For the purposes of this section, "Scheme" includes a course of action and an agreement, arrangement, promise, plan, proposal, or undertaking, whether express or implied and whether or not legally enforceable.