The Chinese tax law changes India cites to justify what it has done is as authentic as what passes for Chinese food here “Hindi Chini Bhai-Bhai”. This five-decade-old slogan (hardly reflective of our current political stance) may be a possible justification for the government of India seeking the regressive retrospective amendments to the present Income-tax Act, 1961 (ITA), sought to be introduced vide the Finance Bill, 2012, tabled before the Indian Parliament on March 16, 2012. The Bill proposes to tax offshore transfers retrospectively from April 1, 1962.