Non-application of saving provision for assessments on Indian asset transfers via foreign share transfers; qualifying assessments deemed never passed. Amendment inserts provisos excluding the Explanation from applying to specified assessments, orders or penalties relating to income from transfer of an Indian asset consequential to transfer of a share in an entity registered outside India made before 28th May, 2012; where such proceedings have been passed and the person fulfils the prescribed specified conditions, those assessments or orders insofar as they relate to that income shall be deemed never to have been passed and any refundable amount shall be paid without interest under section 244A.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Non-application of saving provision for assessments on Indian asset transfers via foreign share transfers; qualifying assessments deemed never passed.
Amendment inserts provisos excluding the Explanation from applying to specified assessments, orders or penalties relating to income from transfer of an Indian asset consequential to transfer of a share in an entity registered outside India made before 28th May, 2012; where such proceedings have been passed and the person fulfils the prescribed specified conditions, those assessments or orders insofar as they relate to that income shall be deemed never to have been passed and any refundable amount shall be paid without interest under section 244A.
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