CII welcomes deferring GAAR

The Report of Expert Committee on GAAR, chaired by Parthasarathi Shome, advocating a postponement in its introduction, has been lauded by the Confederation of Indian Industry (CII). It welcomed the recommendations in the report addressing issues of ‘grandfathering’ of existing tax incentives and clarifying concepts like commercial substance. CII also lauded the recommendation that the approving panel must be independent, with three of the five members from outside the Department of Revenue and a retired judge as Chair.