https://www.taxtmi.com/article/detailed?id=1713 GAAR applicability is deferred by one year and amended to introduce procedural safeguards: the onus of disproving impermissible avoidance will not lie wholly with taxpayers; the GAAR approval panel will include an independent senior law ministry member; taxpayers may seek Authority for Advance Rulings on GAAR; and a high level committee will formulate implementation rules. Retrospective amendments on indirect transfers are confined to transactions routed through low or no tax jurisdictions without tax treaties and will not reopen finalized assessments, with a CBDT policy circular to clarify the position. en-us Wed, 09 May 2012 18:47:37 +0530 Wed, 09 May 2012 18:47:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1713 GAAR applicability is deferred by one year and amended to introduce procedural safeguards: the onus of disproving impermissible avoidance will not lie wholly with taxpayers; the GAAR approval panel will include an independent senior law ministry member; taxpayers may seek Authority for Advance Rulings on GAAR; and a high level committee will formulate implementation rules. Retrospective amendments on indirect transfers are confined to transactions routed through low or no tax jurisdictions without tax treaties and will not reopen finalized assessments, with a CBDT policy circular to clarify the position. Articles Income Tax Wed, 09 May 2012 18:47:37 +0530 https://www.taxtmi.com/article/detailed?id=1713