On 27 January 2017, India's Central Board of Direct Taxes issued Circular No. 7 of 2017, which provides clarifications on the implementation of the General Anti-Avoidance Rule (GAAR) that will come into force from 1 April 2017. The Circular takes the form of a FAQ prepared by the Board based on comments/queries received during a consultation with stakeholders held in June 2016. The FAQ includes…