Repeal and saving: repeal preserves prior tax liabilities and allows continuation of investigations and recovery proceedings. The Act repeals specified Jammu and Kashmir tax statutes but preserves a comprehensive savings regime: repeal does not revive prior non operative law; it preserves prior operation of the repealed and amended Acts to protect rights, obligations, liabilities and existing tax exemptions except where an investment linked exemption notification is rescinded. All taxes, surcharges, penalties, fines, interest, forfeitures and punishments remain collectible, and investigations, assessments, adjudications, recoveries and related proceedings, including appeals and reviews, may be instituted or continued as if repeal had not occurred.