Validation of tax demands: retroactive confirmation of notices and recoveries for capital gains on transfers of foreign company shares. Section 119 retrospectively deems valid all notices, levies, demands, assessments, collections and recoveries under the Income-tax Act, 1961 concerning income from transfers of capital assets in India occasioned by transfer of shares of foreign companies or by agreements outside India, prohibiting challenge on grounds of extraterritoriality and permitting recovery of taxes chargeable for prior periods; a proviso requires withdrawal or undertakings to withdraw judicial or investment-protection proceedings and waiver of remedies, with refunds, if any, permitted without payment of interest under section 244A.