Consider the following statements with respect to the ‘Taxation Laws (amendment) Bill, 2021’:
1. The notification of the bill is respected to end the much stretched tax disputes with UK’s Cairn Energy and Vodafone Ple.
2. The Bill has amended the Income Tax Act, 2000.
Choose the correct statement/s given above.
A. 1 Only
B. 2 Only
C. Both 1 & 2
D. None
Answer: 1 Only
Explanation:
The Taxation Laws (amendment) Bill, 2021 has amended the Income Tax Act, 1961 so as to provide that no tax demand shall be raised in future on the basis of the said retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 –when the finance bill was passed by the Parliament in 2012.
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