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GAAR CBDT Says Taxma Has No Unbridled Powers

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CBDT has said the taxman has not been given any “unfettered“ power and adequate safeguards have been deployed for regulating the provisions aimed to check tax evasion from overseas locations. The Central Board of Direct Taxes (CBDT) expressed hope that the General Anti Avoidance Rules (GAAR) will be implemented from next fiscal. “There is no reason why it shouldn't come (from April 1next year).GAAR provisions are there in several countries.It's not that unfettered powers have been given to our Assessing Officers (of the IT department),“ CBDT chairman Atulesh Jindal said.
The Economic Times, New Delhi, 3rd March 2016

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