Repeal retro amendments, says Mohan Parasaran!!!!!
Well, not many would have expected Mohan Parasaran to utter these words, but its a reflection of the new reality as also the decisive mandate that BJP & Narendra Modi have got! In an interview to Bloomberg TV, outgoing Solicitor General Parasaran, who defended the tax department in almost every high profile case, from Vodafone to Sanofi to Aditya Birla to Nokia, called for doing away of retro amendments. He told Bloomberg TV that "... Ofcourse collection of taxes is important but at the same time we require like China, foreign players..and we have to enter into settlements on a fast track basis..enter into arbitrations on a fast track basis fixing a time slot and settle the disputes through international arbitration compromising of reputed experts and in the meanwhile, do away with retrospective amendments. Either the government can repeal it or allow the Courts to decide on that. "
Specifically talking on big ticket tax disputes involving Vodafone & Nokia, Parasaran opined that " It should not be allowed to hang on for generations...it is high time we should go on a fast track basis and finish the arbitrations in 3 months. "
On a more surprising note, the Solicitor General also batted for continuation and re-negotation of Indo-Mauritius DTAA, so as to encourage investments through the island country. Infact he went out on one limb and said that Mauritius is NOT a tax haven!! This interview sure is a must watch and infact brings out into open the conflicting opinions within UPA - 2, that was also adequately reflected in its inconsistent tax policy.
You can watch the full interview here - https://www.youtube.com/watch?v=XbZ6NJ4JaJ4&list=UUcC8Yq1ka5NbqDWHJqCnhpA