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CBDT Notifies Forms, Manner and Conditions for furnishing undertaking under Taxation Laws (Amendment) Act, 2021

Sujit Talukder Thursday, October 28, 2021
cbdt-notifies-forms-manner-conditions-furnishing-undertaking-taxation-laws-amendment-act-2021

CBDT vide Notification No. 120/2021 dated 13.10.2021 in G.S.R. 737(E) through Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021 notified the forms, manner and conditions for filing of undertaking for settlement of retrospective tax cases under the Taxation Laws (Amendment) Act, 2021.


Read the full text of Notification No. 120/2021 dated 13.10.2021 on Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021



MINISTRY OF FINANCE 

(Department of Revenue) 

(CENTRAL BOARD OF DIRECT TAXES) 


NOTIFICATION 


New Delhi, the 13th October, 2021 


INCOME-TAX


G.S.R. 737(E).—In exercise of the powers conferred by the first provisio to section 119 of Finance Act, 2012 (23 of 2012), the Central Board of Direct Taxes hereby makes the following rules, namely:-


1. Short title and commencement. (1) These rules may be called the Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021.


(2) They shall come into force from the date of their publication in the Official Gazette.


2. Form and manner of furnishing undertaking under first proviso to section 119.- The form and manner of furnishing undertaking under Explanation to 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 (23 of 2012).


3. Conditions under clause (iv) of first proviso to section 119.- The conditions for the purposes of clause (iv) of the Explanation to 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, 2012 (23 of 2012).


[Notification No. 120/2021/ F. No. 370142/47/2021-TPL] 

NEHA SAHAY, Under Secy. (Tax Policy and Legislation) 


Download Notification No. 120/2021 dated 13.10.2021 on Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021 in pdf format



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