Foreign investors vs local taxmen
The General Anti-Avoidance Rules (GAAR) have been de-mystified upon the issuance of the final report of the expert committee and its acceptance by the finance minister with certain variations. The final report carries the suggestions of the first draft with changes mainly in the following aspects. First, to ensure more independence in the functioning of the approving panel, the jurisdictional chief commissioner/commissioner would not sit in deciding a case where their direct subordinates were involved as assessing officers.