<h1>India Revokes Retrospective Tax Law; Refunds Issued to Boost Investor Confidence and Enhance Business Environment.</h1> The Taxation Laws (Amendment) Act, 2021, was enacted to nullify the retrospective tax demands on certain transactions involving the indirect transfer of Indian assets. The amendment aims to restore investor confidence by ensuring a fair and predictable tax regime. It provides for the refund of taxes collected under the retrospective tax law, albeit without interest. This legislative change is seen as a significant step towards improving the business environment in India by addressing longstanding concerns of foreign investors regarding retrospective taxation.