IN his Budget speech, Finance Minister Arun Jaitley had said,
This Government will not ordinarily bring about any change retrospectively which creates a fresh liability. Hon'ble Members are aware that consequent upon certain retrospective amendments to the Income Tax Act 1961 undertaken through the Finance Act 2012, a few cases have come up in various courts and other legal fora. These cases are at different stages of pendency and will naturally reach their logical conclusion. At this juncture I would like to convey to this August House and also the investors community at large that we are committed to provide a stable and predictable taxation regime that would be investor friendly and spur growth. Keeping this in mind, we have decided that henceforth, all fresh cases arising out of the retrospective amendments of 2012 in respect of indirect transfers and coming to the notice of the Assessing Officers will be scrutinized by a High Level Committee to be constituted by the CBDT before any action is initiated in such cases.
Accordingly, the CBDT has yesterday constituted a High Level Committee. Now Assessing Officer shall thereafter proceed in accordance with the directions of the Committee.
Relevant CBDT Order under Section 119 in F.No. 149/141/2014-TPL, Dated: August 28, 2014 available at
http://www.incometaxindia.gov.in/archive/Order-under-section-119-28-08-2014.pdf
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