NEW DELHI :
The Central Board of Direct Taxes (CBDT) on Thursday notified additional rules for settling the controversial retrospective tax disputes to complement the rules brought out earlier this month.
The Relaxation of validation (section 119 of the Finance Act 2012) rules 2021 brought out by the Central Board of Direct Taxes on Thursday 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.
This is likely to aid Vodafone Plc. to file for settlement given that section 119 of the Finance Act 2012 was used in its case to validate the tax demand. In certain other cases, the tax demand was raised under section 9 of the Income Tax Act. The conditions for settlement are the same for all the 17 retrospective tax disputes. The first set of final rules for settlement were brought out on 2 October after a public consultation. These rules elaborate on the conditions for settlement added to the Income Tax Act earlier this year by way of an amendment.
The rules explain the manner in which businesses have to meet the conditions specified in the Income Tax Act. An email sent to Vodafone Plc. on Thursday seeking comments remained unanswered at the time of publishing.
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