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of <h1>Parties Must Withdraw Legal Actions on Indirect Transfers Before May 28, 2012, Under Section 9(1)(i) Income Tax Act.</h1> The specified conditions under the Explanation to the fifth and sixth proviso to Explanation 5 of section 9(1)(i) of the Income Tax Act require the declarant and all interested parties to irrevocably withdraw all legal actions, including appeals, arbitration, and enforcement proceedings, against orders related to indirect transfers before May 28, 2012. They must provide undertakings in Form No. 1, waive rights to claims or costs, and indemnify the Republic of India and its affiliates. Additionally, they must refrain from assisting others in bringing claims and issue a public notice confirming the cessation of claims, supported by necessary corporate authorizations.
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