Taxation Laws (Amendment) Act, 2021 limits retrospective tax claims for pre 2012 foreign share transfers subject to withdrawal and waiver conditions. The Act excludes application of the Explanation to section 9 for income from transfers of assets situate in India consequent to transfers of shares in foreign entities before 28 May 2012 where specified assessments, orders or penalties relate to that income; such assessments or orders shall be deemed never to have been passed if the person fulfils specified conditions, and any refundable amount shall be paid but without interest under section 244A. Specified conditions include withdrawal or undertakings to withdraw appeals or writs, withdrawal or undertakings to withdraw arbitration/conciliation/mediation proceedings or notices, furnishing an undertaking waiving rights to pursue remedies or claims in relation to the said income, and other prescribed conditions.