GAAR: A step towards tax certainty

The year 2012 has been one of significant contradictions for those investing in India. On the one hand, the Supreme Court delivered its landmark ruling on the Vodafone case, where it highlighted the importance of certainty in tax policy, and, on the other hand, the Finance Bill 2012 introduced significant regressive amendments to the Income Tax Act, 1961 (IT Act), namely the introduction of the General Anti-Avoidance Rule (GAAR), and retrospective amendments to overcome the Vodafone ruling.

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