I-T Dept will not Re-Open Cases Prior to April 1, 2012: Pranab

Wednesday, 30 May 2012, 11:50 Hrs
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New Delhi: Providing comfort to worried foreign investors, the Finance Minister, Mr. Pranab Mukherjee said the Income-Tax Department will not reopen cases where assessment proceedings had been finalised before April 1, 2012.

"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.

Mr. 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.
Source: PTI
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