The Central Board of Direct Taxes (CBDT) came out with a circular prescribing guidelines on when prosecution can be initiated by the tax officers for financial offences. The circular largely eliminates the possibility of the tax officers hauling up taxpayers for petty / minor offences and aims to ensure that only the deserving cases get prosecuted.
Rakesh Nangia, Managing Partner and Amit Agarwal, Partner with inputs from Anchal Kapoor, Director contributed an article on The Beginning of Global Tax Wars !! Let the Fireworks Begin for Taxsutra.