The Ministry of Law and Justice has notified the Taxation Laws (Amendment) Act, 2021 to Repeal Retrospective Tax which sought to withdraw the contentious retrospective tax brought by Finance Act 2012.
As per the amendment act, in respect of income accruing or arising through or from the transfer of an asset or a capital asset situate in India in consequence of the transfer of a share or interest in a company or entity registered or incorporated outside India made before the 28th day of May, 2012 and the person in whose case such assessment or reassessment or order has been passed or made, as the case may be, fulfils the specified conditions, then, such assessment or reassessment or order, to the extent it relates to the said income, shall be deemed never to have been passed or made.
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