I-T dept not to reopen cases prior to 1 April, 2012

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.

FP Archives|Dec 20, 2014, 08:48:25 IST

New Delhi: Providing comfort to worried foreign investors, Finance Minister Pranab Mukherjee today said the Income Tax Department will not re-open cases where assessment proceedings had been finalised before 1 April, 2012.

[caption id="attachment_325978" align="alignleft" width="380" caption="Mukherjee, in the Budget 2012-13, proposed to amend the Income Tax Act, 1961. PTI"][/caption]

"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.

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.

These amendments, which came into effect with the President giving assent to the Finance Bill, 2012, had raised concerns among investors about re-opening of the old cases.

BOJ seen raising interest rates by December as weak yen fuels inflation risks

Majority of economists expect Japan's central bank to deliver a 25-basis-point rate hike by year-end, with further policy tightening likely through 2027.

2 min read

'From make in India to launch from India': Skyroot COO on why Vikram-1 could change India’s space sector

Skyroot Aerospace’s successful Vikram-1 mission marks a major milestone for India’s private space sector, as the country seeks to shift from “Make in India” to “Launch from India” and compete in the global commercial satellite launch market

8 min read

Google burns cash for first time as AI spending pushes 2026 capex to $205 billion

Google parent Alphabet reported negative free cash flow of $5.9 billion in the second quarter for the first time since going public, as surging AI infrastructure spending pushed its 2026 capital expenditure forecast to as much as $205 billion

6 min read

Tesla sells more cars but makes less money: Why Musk’s AI pivot is squeezing profits

Tesla’s record Q2 deliveries failed to translate into higher profits as price cuts, falling regulatory-credit revenue and Elon Musk’s aggressive AI spending squeezed margins and pushed the EV maker into negative free cash flow

5 min read

No premium queues, 30-minute target: What changes for Indian passport applicants in UAE

Indian passport applicants in the UAE can now access passport, visa and attestation services through Alhind’s 16 centres, with no premium queues, a Dh19 service fee and a target of completing applications within 30 minutes

4 min read

Up Next