https://www.taxtmi.com/circulars?id=12117 Government decisions implement GAAR with safeguards: the main purpose test for impermissible avoidance; a reasoned show cause notice and opportunity to rebut before invocation; consolidation into a single definition of connected person; revised Approving Panel with a judicial Chair whose directions bind both assessee and tax authorities; consideration limited to the impermissible part of arrangements; grandfathering of pre-existing investments; carve-outs for certain FII and non-resident investors; a monetary threshold to attract GAAR; retention and strengthening of advance rulings; auditor reporting requirements; and deferment of GAAR's commencement to April 1, 2016. en-us Mon, 14 Jan 2013 00:00:00 +0530 Tue, 19 Mar 2013 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=12117 Government decisions implement GAAR with safeguards: the main purpose test for impermissible avoidance; a reasoned show cause notice and opportunity to rebut before invocation; consolidation into a single definition of connected person; revised Approving Panel with a judicial Chair whose directions bind both assessee and tax authorities; consideration limited to the impermissible part of arrangements; grandfathering of pre-existing investments; carve-outs for certain FII and non-resident investors; a monetary threshold to attract GAAR; retention and strengthening of advance rulings; auditor reporting requirements; and deferment of GAAR's commencement to April 1, 2016. Circulars Income Tax Mon, 14 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/circulars?id=12117