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Pranab Mukherjee puts General Anti-Avoidance Rules on backburner for 1 year

The government on Monday deferred implementation of the controversial General Anti-Avoidance Rules (GAAR) to check tax evasion by one year and included some safeguards, a move aimed at pacifying angry investors and reviving the investment climate. The proposed changes in some tax rules in the 2012-13 budget unveiled in March had drawn severe criticism from foreign investors and some governments from across the world. 

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