The United States Council for International Business (USCIB) has addressed a
letter dated 19.7.2012 to the CBDT in which it claims that the GAAR provisions are “
extraordinarily broad” and “
too vague”.
It claims that the uncertainty is causing concern to international
investors wanting to invest in India. It has also expressed concern that
the 3 Member panel may provide “
rubber stamp” approval to
whatever the income-tax department proposes. The letter also provides
suggestions on how these concerns can be addressed by the Government to
provide confidence to investors & taxpayers.
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