The Ministry of Finance on 13th October 2021 has published the Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021, prescribing the forms and conditions for the declaration to be filed by the company for settling its case.
The Relaxation of validation (section 119 of the Finance Act 2012) rules 2021 seeks to extend the conditions, form and manner of settling retrospective tax cases notified earlier this month to those cases where the tax demand was validated under a special provision.
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).
Section 119 of the Finance Act deals with the Validation of demands, etc., under Income-tax Act, 1961 in certain cases.
