Foreign investors raise concerns over Indian tax officials' use of a judicial anti-avoidance rule

The Economic Times reports, citing two people familiar with the meeting, that international investors affiliated with ASIFMA raised concerns with India's Central Board of Direct Taxes over officials' use of the judicial anti-avoidance rule (JAAR). Officials invoked JAAR to deny tax benefits claimed by at least three Mauritius investors on sales of shares acquired before April 1, 2017. Investors argue that this conflicts with the board's earlier decision not to apply separate anti-avoidance rules to gains from those shares.