In a much sooth to foreign investors, Finance Minister Pranab Mukherjee once again repeated on Thursday that I-T department will not reopen or re-assess cases under the retrospective amendment proposed in the Finance Bill, 2012, where assessments have been completed before April 1, 2012.

While the Vodafone tax roe came after retrospective amendments in the Finance Bill, 2012, a large number of global investors raised their concern as by this the old cases may be re-asses as soon as the amendment empowered in the I-T Act, afraid to a new procedure of fresh claims.

It has been said that a written statement has been sent to the entire staff of income tax including commissioners and general directors by CBDT, directing that cases where assessment proceedings had been completed before April 1, 2012 would not be re-assessed.

According to reports, the minister directed the authorities to avoid dispute in move to approach high courts against tribunals. He also confirmed, “We must take appropriate steps to so that these cases are resolved as expeditiously as possible.”

“I gave a commitment in Parliament with regard to retrospective amendments that CBDT will issue a policy circular to clarify that in cases where assessment proceedings have become final before first day of April 2012, such cases shall not be reopened,” the minister told in front of media at an event.

Along with assessments, Mukherjee also promised to offer software relief as the tax authorities will very soon avoid multi-level tax deducted at source (TDS) on software.

Announcing the statement, Mukherjee said, “On advise of group and Nasscom, I have approved issuance of a circular to avoid multi-level TDS on software under section 194 J (of the Income Tax Act). This will remove hardship in case of software distributors.”