It is often said that while India obtained political independence in 1947, some degree of economic independence was obtained only in 1991 when the big-bang reforms agenda was unleashed. Foreign investors lost no time in latching on to the immense economic opportunities that we offered, and cross-border trade galloped. The Tax Department witnessed this silently for quite a while, before it realised that the value of international transactions would be a goldmine for revenue accretion. The first transfer pricing (TP) Rules were announced in 2001— a decade after Big Bang. Since then, a fair amount of grey hair has been split in the corridors of the Aayakar Bhavans which have formulated, amended, ruled and disputed the provisions on transfer pricing.
Source : The Hindu Business Line
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