The Central Government through notification dated 13 August, 2021 has issued the Taxation Laws (Amendment) Act, 2021. In respect of income accruing from the transfer of an asset or a capital asset situated in India in consequence of the transfer of a share or interest in a company or entity registered or incorporated outside India, made before the and the person in whose case such assessment or reassessment or order has been passed or made such assessment or reassessment or order, to the extent it relates to the said income, shall be deemed never to have been passed or made.
This exemption applies only to assessments completed before 28th day of May, 2012 and shall be subject to conditions.
