https://www.taxtmi.com/news?id=4525 The Government accepted Expert Committee recommendations on GAAR, narrowing the test to arrangements whose main purpose is to obtain a tax benefit and adding procedural safeguards: a reasoned show-cause notice by the assessing officer, an opportunity for the assessee to rebut impermissible avoidance findings, prescribed forms and time limits, combined definition of connected person, a reconstituted Approving Panel with a judicial Chair and binding directions on both assessee and tax authorities, scope limits including grandfathering, exclusions for certain non-resident investors and treaty opt-outs, a monetary threshold to trigger GAAR, and deferral of commencement to April 1, 2016. en-us Mon, 14 Jan 2013 18:13:19 +0530 Mon, 14 Jan 2013 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=4525 The Government accepted Expert Committee recommendations on GAAR, narrowing the test to arrangements whose main purpose is to obtain a tax benefit and adding procedural safeguards: a reasoned show-cause notice by the assessing officer, an opportunity for the assessee to rebut impermissible avoidance findings, prescribed forms and time limits, combined definition of connected person, a reconstituted Approving Panel with a judicial Chair and binding directions on both assessee and tax authorities, scope limits including grandfathering, exclusions for certain non-resident investors and treaty opt-outs, a monetary threshold to trigger GAAR, and deferral of commencement to April 1, 2016. News - Mon, 14 Jan 2013 18:13:19 +0530 https://www.taxtmi.com/news?id=4525