India has taken full advantage of the current tax zeitgeist. But it will do well to remember that in all developed jurisdictions of the world, greater scrutiny of taxpayers has gone hand in hand with fair, clear and predictable tax systems. The question now is whether India will ensure that there are adequate safeguards in place to meet the expectations of a fair tax regime. If the Indian revenue is perceived as arbitrary or worse, tyrannical by the taxpayers, India might have won the Mauritius battle but would have lost the tax war.
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