Read more about CBDT releases draft regulations for withdrawal of retro tax demands on Business Standard. The draft rules released by the tax department call for a declaration by the companies to «irrevocably withdraw, discontinue and not pursue» any legal proceedings
The income tax department on Saturday released the much-awaited draft rules for the legislation pertaining to the withdrawal of retrospective amendment in taxation concerning entities including and in lieu of irrevocable withdrawal of all legal cases against the government. The government passed the Taxation Laws (Amendment) Act 2021 in Parliament earlier this month offering a settlement of the retrospective cases pertaining to the 2012 legislation on the offshore indirect transfer of Indian assets. The draft rules released by the tax department call for a declaration by the companies to “irrevocably withdraw, discontinue and not pursue” any legal proceedings. These include proceedings before the appellate forum, proceedings for arbitration, conciliation, or mediation, and for enforcing or pursuing attachments in respect of any award, order, or judgement.
