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GAAR: Irrational tax laws or misplaced arrogance?

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(Rajan Ghotgalkar is Managing Director of Principal Pnb Asset Management Company. The views expressed in this column are his own and do not represent those of either Principal Pnb or Reuters)

The congratulatory press clippings proclaiming the ‘rollback’ of measures in Finance Bill 2012 have suddenly cleared the air and even the stock market cheered on Monday.

The implementation of the much riled General Anti-Avoidance Rules (GAAR) was deferred till April 2013.

The onus of proof when invoking GAAR will now be shouldered by the tax department. More importantly, it has also provided for an independent member on the GAAR board.

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