Central Board of Direct Taxes notifies Relaxation of Validation Rules, 2021
The Notification bearing [Notification No. 120/2021/ F. No. 370142/47/2021-TPL dated 13th 2021 issued by the Central Board of Direct Taxes (CBDT) under first proviso to section119 of Finance Act, 2012 formulated the Relaxation of Validation Rules, 2021. The said rules have been formulated to assist and settle the retrospective tax disputes. The said rules provides for extension of conditions, form and manner of settling retrospective tax cases to those cases where the tax demand was validated under a special provision.