Expert Committee issues its draft report on GAAR – details

On 13 July 2012, the Indian Government established an Expert Committee on General Anti-Avoidance Rules (the Committee) to undertake stakeholders consultations and finalize the general anti-avoidance rules (GAAR) guidelines as well as provide a roadmap for implementation.
The Committee submitted its draft Report on 30 August 2012  recommending a number of amendments to the Income Tax Act 1961 as well as to the Income Tax Rules 1962 (Rules).
The main recommendations made by the Committ…