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Business EconomyPosted at: May 27 2016 3:33PM


CBDT seeks stakeholder comments on key provisions of GAAR

New Delhi, May 27 (UNI) The Central Board of Direct Taxes (CBDT) has invited stakeholder feedback on key provisions of the General Anti Avoidance Rules (GAAR) for formulation of their implementation guidelines.
The move is aimed at providing adequate clarity so that there is no confusion over interpretation of any provision at the stage of implementation.
“The general public and stakeholders are therefore requested to provide their inputs on the provisions of GAAR in respect of which further clarity is required, from its implementation perspective,” said an official statement.
It further said that for the exercise to be meaningful, it is essential that reference to hypothetical situation be avoided. If the input relates to interpretation of a specific real world structure or arrangement, the structure should be such as that, which commonly occurs in the sector and involves clarification of general principles of application, it added.
Further, in relation to such structure, the particular provision and apprehensions or doubts along with basis thereof may also be provided with all the relevant facts, the release has instructed stakeholders. Comments can be submitted by June 30.
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