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Guidelines on GAAR junked, PM sets up new panel

The government on Friday effectively junked the controversial anti-avoidance tax rules (GAAR) that the finance ministry had put up on its web site on June 28. Prime Minister Manmohan Singh set up an expert committee under Parthasarathi Shome, director and chief executive of the economic policy think tank ICRIER, to frame fresh draft guidelines by the end of September 2012.

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