laws amendment bill 2021 enacted in august scraps the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in indiathe 2012 legislation was used to levy a cumulative of rs 110 lakh crore of tax on 17 entities including vodafone but substantial punitive action was taken only in the case of cairnlast week pti had reported that cairn energy plc had earlier this month given required undertakings indemnifying the indian government against future claims as well as agreeing to drop any legal proceedings anywhere in the worldthe government has now accepted this and issued cairn a socalled formii committing to refund the tax collected to enforce the retrospective tax demand two sources with direct knowledge of the development saidfollowing the issuance of formii cairn will now start withdrawing all cases in international courts once this is complete the company will be issued a rs 7900 crore refund