Page 8 - IACC Newsletter March-April 2014 Issue 03

Basic HTML Version

Participants l istening intently to the panel discussion
Interactive session with Mr. K. V. Chowdary, Chairman of Central Board of Direct Taxes, Delhi on October 13,
2014 in Mumbai
IACC organized an interactive session with Mr. K. V. Chowdary, Chairman of Central Board of Direct Taxes, Delhi on
October 13, 2014 from12.30 to 2.00 p.m. inHall No.1 on the 2
nd
Floor of the Garware Club House, Wankhede Stadium,'D'
Road, Churchgate, Mumbai - 400 020.
The topic of discussion was “Retro amendment and exchange of information under Tax treaties.
Mr. Chowdary in his speech asserted the sovereign's right to change laws retrospectively, and added that taxpay ers have
benefited in some cases. He pointed out that "Retrospective amendment is the constitutional prerogative of the
government and governments prior to this have enacted tax laws with retrospective effect. Some of them have been in
favor of the tax payer," he said, conceding that such amendments put the industry at some risk. Mr. Chowdary incredibly
answered to innumerable questions and also discussed various direct tax related issues raised by the participants.
The session was outstanding and very wel l attended.