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GAAR to apply only in shady arrangements, FIIs assured
The finance ministry on Wednesday tried to soothe the nerves of foreign institutional investors (FIIs) over the tax treatment of their investments. Finance secretary R S Gujral told FIIs the General Anti-Avoidance Rule (GAAR) would be invoked only in case of impermissible arrangements.
“If they are in a permissible arrangement, clearly they are governed by the particular treaty and GAAR does
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