The undersigned is directed to refer to Department of Revenue’s O.M. of even numbers dated 17th July, 2012 and 6th August, 2012 on the above cited subject and to say that the additional Terms of Reference (v) mandated for the Expert Committee on GAAR through O.M. dated 6th August, 2012 has been modified as under:
“(v) Examine the applicability of the amendment on taxation of non-resident transfer of assets where the underlying asset is in India, in the context of all non-resident taxpayers”.
The Expert Committee on GAAR may examine the above issue and submit its recommendations to the Government by 30th September, 2012.