GAAR: Brewing discontent

There has been deep discussion and debate surrounding the proposed General Anti-Avoidance Rules ever since it was first contemplated under the Direct Taxes Code. The Income-tax Act included only Specific Anti-Avoidance Rules to counter specific misuse or abuse of the Act to avoid or reduce tax liability. After GAAR was included in Finance Bill 2012 for implementation from April 1, there were strong reactions and its implementation has been deferred by a year.

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