Validation of tax demands preserves notices' validity and permits recovery of tax on capital gains from foreign-share transfers.

All notices, levies, demands, assessments, impositions, collections and recoveries under the Income-tax Act, 1961 relating to income arising in India from transfers of capital assets consequent upon transfer of shares of companies incorporated outside India or agreements outside India are declared deemed valid notwithstanding any judicial or other order; such validated taxes may be collected, recovered and appropriated as amended and no refunds are payable, effective from assent of the Bill.

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