The Shome Panel is responsible for constituting guidelines for General Anti Avoidance Rules (GAAR) in India. The panel was established by Dr. Manmohan Singh and headed by economist Parthasarathi Shome.
The committee has said that the retrospective application of tax law should happen in the rarest of rare cases and for one of three reasons only:
The panel has recommend deferring GAAR. [1] [2]
The Shome Panel is responsible for constituting guidelines for General Anti Avoidance Rules (GAAR) in India. The panel was established by Dr. Manmohan Singh and headed by economist Parthasarathi Shome.
The committee has said that the retrospective application of tax law should happen in the rarest of rare cases and for one of three reasons only:
The panel has recommend deferring GAAR. [1] [2]