Avoiding double trouble in transfer pricing

Late last month, Parthasarathi Shome, economic advisor to the finance minister, stated that tax laws should not be applied retrospectively as a measure to generate revenue. "There are three conditions under which retrospective taxation can be envisaged," he said at an Assocham conference. "One is to clarify, one is to correct for mistakes and the third one is to really address a very egregious tax structure."

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