Finance Bill 2012 Clause 113 validates tax demands on foreign company shares, overriding previous decisions, retroactively effective.
Clause 113 of the Finance Bill, 2012, addresses the validation of tax demands under the Income Tax Act, 1961, concerning income from the transfer of capital assets in India related to shares of foreign companies or agreements outside India. It ensures that any notices, levies, or collections made under the Act are deemed valid, regardless of any court or tribunal decisions. This clause applies retroactively, allowing for the collection of taxes assessed before the Bill's enactment, with no obligation for refunds, and becomes effective upon the President's assent.
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