Newsinc24 Team 
The Lok Sabha on Friday passed the Taxation Laws (Amendment) Bill, 2021 amid din with voice vote. The Bill provides that no tax demand will be raised in future on the basis of the retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before 28th May, 2012. It is further proposed to provide that the demand raised for indirect transfer of Indian assets made before the date will be nullified on fulfilment of specified conditions.The Bill also proposes to refund the amount paid in these cases without any interest thereon. The bill seeks to amend the Income Tax Act of 1961 and the Finance Act of 2012. Speaking on the Bill, Finance Minister Nirmala Sitharaman said that it has been brought in the wake of Supreme Court’s judgments. The Bill was passed without any discussion.
The Lok Sabha also passed the Central Universities (Amendment) Bill, 2021 amid din without any discussion. The Bill intended to establish a new Central University in Ladakh to ensure an increase in accessibility and quality of higher education and research for the people of the Union territory. At present, there is no Central University in Ladakh and the new University will be named as Sindhu Central University. Speaking on the Bill, Education Minister Dharmendra Pradhan said, it is a historic occasion for the region. He said the government has allocated 750 crore rupees for the development of this University in which 2500 students will be benefited. The Minister said the Centre had announced the establishment of a new university after scrapping Article 370 with regard to Jammu and Kashmir.
Mukul Bagla, Chair, Direct Tax Committee, PHDCCI, has welcomed the government move. In his reaction Bagls said that the entire pandora’s box was opened in May, 2012 when an amendment was made in the Income Tax Act to tax such indirect transfer of Indian Assets, from retrospective effect. This amendment tainted India’s image as an investment destination."The newly introduced Bill will not only end prolonged litigation in numerous cases but will also uplift India’s image internationally," he said. The amendment shall improve India’s reputation substantially as a fair and equitable taxing nation, Bagla said.
