Shome Panel

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.

About

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:

  1. To correct anomalies in the statute.
  2. To matters that are clarificatory in nature such as technical/procedural defects that vitiate the substantive law.
  3. To protect the tax base from abusive tax planning schemes to avoid tax.

The panel has recommend deferring GAAR.[1][2]

gollark: That's actually quite nice.
gollark: Yes, but it involves less boilerplate.
gollark: Just use `collections.namedtuple` or whatever it is.
gollark: ```pythonclass ThisIsUseless: def __init__(self, why): print("Honestly, you should just use collections.named_tuple instead") def not_really(): print("Just define them as separate functions")```
gollark: Or is it namedtuple? Something like that.

References
  1. Shome panel’s wrong call. The Hindu (2012-10-17). Retrieved on 2014-01-11.
  2. GAAR: Parthasarathi Shome committee’s report card – Economic Times. Articles.economictimes.indiatimes.com (2012-10-11). Retrieved on 2014-01-11.
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