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Aug 29, 2014
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I-T Panel's Wise Men to Take Up Retro Tax Cases
India has set up a high-level panel of senior income tax officials to scrutinize all cases of indirect transfers prior to April 2012, when the 60year-old law was retrospectively amended to tax overseas transactions, and decide them in a time-bound manner as the new government looks to create a non-adversarial and predictable tax regime for investors. The Central Board of Direct Taxes, the apex direct taxes body under the finance ministry, set up a four-member committee headed by a joint secretary that will decide on such cases within 60 days of receiving them from the assessing officer.
Source -
http://www.taxmann.com
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