Home Acts & Rules Finance Act / Amendment Acts Amendment Acts THE TAXATION LAWS (AMENDMENT) ACT, 2021 Chapters List Chapter III AMENDMENT TO THE FINANCE ACT, 2012 This
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Section 3 - Amendment of section 119 - THE TAXATION LAWS (AMENDMENT) ACT, 2021Extract CHAPTER III AMENDMENT TO THE FINANCE ACT, 2012 Amendment of section 119. 3 . In the Finance Act, 2012 (23 of 2012), in section 119, the following provisos shall be inserted, namely:- Provided that this section shall cease to apply to the person who fulfils the following conditions, namely:- (i) where such person has filed any appeal before an appellate forum or a writ petition before the High Court or the Supreme Court against any order in respect of said income, he shall, either withdraw or submit an undertaking to withdraw such appeal or writ petition, in such form and manner as may be prescribed; (ii) where such person has initiated any proceeding for arbitration, conciliation or mediation, or has given any notice thereof under any law for the time being in force or under any agreement entered into by India with any other country or territory outside India, whether for protection of investment or otherwise, he shall either withdraw or submit an undertaking to withdraw the claim, if any, in such proceedings or notice, in such form and manner as may be prescribed; (iii) such person shall furnish an undertaking, in such form and manner as may be prescribed,waiving his right, whether direct or indirect, to seek or pursue any remedy or any claim in relation to the said income which may otherwise be available to him under any law for the time being in force, in equity, under any statute or under any agreement entered into by India with any country or territory outside India, whether for protection of investment or otherwise; and (iv) such other conditions as may be prescribed: Provided further that if any amount becomes refundable under the Income-tax Act, 1961 (43 of 1961) to the person referred to in first proviso as a consequence of him fulfilling said conditions, such amount shall be refunded to him, but no interest under section 244A of the Income-tax Act, 1961 shall be paid on that amount. .
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