<h1>Three-Member Committee Reviews 2012 Income-tax Act Amendments on Indirect Asset Transfers; Report Due by Year-End 2014.</h1> Retrospective taxation involves legislative changes affecting past actions' tax consequences. The Finance Minister, during the presentation of the Finance (No.2) Bill, 2014, stated that the government generally avoids creating new liabilities through retrospective changes. Cases related to the 2012 amendments to the Income-tax Act are progressing through legal channels. A three-member committee was established under the Income-tax Act to oversee new cases from these amendments concerning indirect asset transfers. This committee is tasked with reviewing such cases before any action is taken, and it must submit its first report by the end of 2014.