CBDT Notifies Income Tax Rules Which Seeks to Withdraw Tax Demands on Indirect Transfer of Indian Assets Prior to 28th May 2012

Vide Income Tax (31st Amendment) Rules 2021, the CBDT has inserted Rule 11UE and 11UF in the Income Tax Rules 1962.

These rules are notified in order to give effect to The Taxation Laws (Amendment) Bill 2021 which seeks to withdraw tax demands made on indirect transfer of Indian assets prior to 28th May 2012 and which was approved by Lok Sabha and Rajya Sabha in August 2021.

The copy of notification is attached here for your kind reference.

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