On November 5 the US-based International Consortium of Investigate Journalists (ICIJ) released the tax rulings of 548 corporations accused of having ‘secret tax agreements’ with Luxembourg. A follow-up piece in the Australian Financial Review went as far as to accuse the Big 4 of facilitating the agreements in an article titled ‘Big four audit firms behind global profit shifting’.
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Authors from Khaitan & Co evaluate the recent CBDT notification, whereby legacy investments made by investors continue to be exempt from the applicability of GAAR
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