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CBDT Notifies New Rules For Retrospective Tax Disputes Settlement
October, 18th 2021

The Central Board of Direct Taxes  has notified the Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021 for settling the controversial retrospective tax disputes.

The Relaxation of validation (section 119 of the Finance Act 2012) rules 2021 seeks to extend the conditions, form, and manner of settling retrospective tax cases notified earlier this month to those cases where the tax demand was validated under a special provision.

“The form and manner of furnishing undertaking under Explanation to the fifth and sixth proviso to Explanation 5 to clause (i) of sub-section (1) of section 9 of the Income Tax Act, 1961 (43 of 1961), as prescribed under sub-rule (1) and sub-rule (3) of rule 11UE and rule 11UF of the Income Tax Rules, 1962, shall mutatis mutandis apply to clauses (i), (ii) and (iii) of the first proviso to section 119 of the Finance Act, 2012,” the notification said.

The conditions for the purposes of clause (iv) of the Explanation to the fifth and sixth proviso to Explanation 5 to clause (i) of sub-section (1) of section 9 of the Income Tax Act, 1961 (43 of 1961), as prescribed under sub-rule (2) of rule 11UE of the Income Tax Rules, 1962, shall mutatis mutandis apply to clause (iv) of the first proviso to section 119 of the Finance Act,” the notification added.

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