New Delhi: Finance Minister Arun Jaitley on Thursday assured that the government will not change ruled on retrospective Taxation. Delivering the Budget for the Fiscal Year 2014-15, he said that the retro tax amendment will be undertaken with extreme caution.
Jaitley said that all fresh cases arising out of the 2012 amendment of IT Act will be looked into by a high level CBDT committee. He also said that the existing tax disputes, arising out of Retrospective Amendment to the Income tax Act, 1961, and on different level of pendency in the courts. He said that they will be allowed to reach their logical conclusions.
"The sovereign right of the government to undertake retrospective legislation in unquestionable. The government will not ordinarily bring any change retrospectively which creates a fresh liability," Jaitley said. He added that the BJP-led NDA government is committed to providing a stable and predictable taxable regime which would be investor friendly and spur growth.
"Henceforth all cases arising out of retrospective amendment of 2012 in respect of indirect transfer and coming to the notice of Assessing Officers will be scrutinised by a high level committee to constituted by the CBDT (Central Board of Direct Taxes) before any action is initiated in such cases," he said.
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