"A reduction in refunds was on account on two major factors — pending refunds being cleared last year and litigation going down. In transfer pricing, the government has eased out many things. At the consulting level we feel that the number of cases has gone down as the government has increased thresholds and issued enough clarifications. Besides, there is a more pragmatic approach in picking up cases for litigation by the department.”

Vikas Vasal
Partner, Grant Thornton India LLP

This article appeared in Business Standard on 10th January, 2018.