News & Media 17th Mar 2022

The demise of Advance Rulings

Authors

Kumar Visalaksh Partner | New Delhi | Noida
Saurabh Dugar Principal Associate | Delhi NCR

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In 1991, when the Indian economy opened up, it was applauded as a new dawn. A breakaway from the infamous license-raj, it promised a liberalised, transparent and investor-friendly India. A remarkable measure taken by the government to boost investor confidence was notifying the Authority for Advance Ruling (AAR) under income-tax law in 1993: a quasi-judicial forum through which prospective investors could obtain a tax ruling on future transactions. Advance Rulings were introduced for customs and excise matters in 1999 and further extended to service tax matters in 2003.

Against this backdrop, Kumar Visalaksh, Partner and Saurabh Dugar, Principal Associate at Economic Laws Practice (ELP) have co-authored an article for BusinessToday, titled ‘The demise of Advance Rulings’. They also extend their gratitude to Ajitesh Dayal Singh, Associate at Economic Laws Practice for his inputs. In their article, Kumar and Saurabh discuss the perception of AARs as a neutral forum and how they are now compromised, with advance rulings left entirely in the hands of revenue officials. Contrary to the very purpose of advance rulings, this only opens more avenues for litigation.

Read the detailed article: Click Here

News & Media 17th Mar 2022

The demise of Advance Rulings

Authors

Kumar Visalaksh Partner | New Delhi | Noida
Saurabh Dugar Principal Associate | Delhi NCR

Latest Thought Leadership

Alerts & Updates 27th May 2024

Trade Update – May 27, 2024

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Read More
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Read More
Alerts & Updates 24th May 2024

SEBI issues a flurry of changes to tackle material price movement due to market rumours and to ensure a level playing field

Read More

In 1991, when the Indian economy opened up, it was applauded as a new dawn. A breakaway from the infamous license-raj, it promised a liberalised, transparent and investor-friendly India. A remarkable measure taken by the government to boost investor confidence was notifying the Authority for Advance Ruling (AAR) under income-tax law in 1993: a quasi-judicial forum through which prospective investors could obtain a tax ruling on future transactions. Advance Rulings were introduced for customs and excise matters in 1999 and further extended to service tax matters in 2003.

Against this backdrop, Kumar Visalaksh, Partner and Saurabh Dugar, Principal Associate at Economic Laws Practice (ELP) have co-authored an article for BusinessToday, titled ‘The demise of Advance Rulings’. They also extend their gratitude to Ajitesh Dayal Singh, Associate at Economic Laws Practice for his inputs. In their article, Kumar and Saurabh discuss the perception of AARs as a neutral forum and how they are now compromised, with advance rulings left entirely in the hands of revenue officials. Contrary to the very purpose of advance rulings, this only opens more avenues for litigation.

Read the detailed article: Click Here