I-T dept will not re-open cases prior to April 1, 2012: Pranab
source:Hindubisiness
Mr Pranab Mukherjee.
New Delhi, May 30:
Providing comfort to worried foreign investors, the Finance
Minister, Mr Pranab Mukherjee on Wednesday said the Income-Tax Department will
not reopen cases where assessment proceedings had been finalised before April 1,
2012.
“I gave a commitment in Parliament with regard to retrospective
amendments that CBDT (Central Board of Direct Taxes) will issue a policy
circular to clarify that in cases where assessment proceedings have become final
before first day of April 2012... Such cases shall not be reopened. Now CBDT has
issued a circular in this regard”, he said while inaugurating Pratyaksh Kar
Bhawan here.
Mr Mukherjee, in the Budget 2012—13, proposed to amend the
Income-Tax Act, 1961 with retrospective effect to tax Vodafone-type merger and
acquisition deals done overseas that involve domestic assets.
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