Govt may agree with shorme committee on restro tax

The government is likely to give telecom major Vodafone a breather in the Rs 11,000-crore retrospective taxation case involving the British firm by accepting the recommendations of the Parthasarathi Shome panel.After accepting, with some modification, most of the committee’s recommendations on the General Anti-Avoidance Rules ( GAAR), the government appears set to also accept its suggestions on the application of retrospective taxation clauses introduced in the Income Tax Act through the Finance Act, 2012.