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New important draft bill for income tax cases ? (UPDATED)

In the  next two working days a very important draft bill is likely be presented to  the parliament. It promises to  settle  all income tax cases pending in the  courts and tribunals on immediate payment of the principal amount without interest and penalties.  Prosecution will be waived off.  

It has huge political and financial implications.  The number of cases is very large and individuals and corporates will benefit. The sum involved is about ten lakh crores. It means IT collections will get a big uptick and for the  cash strapped government it is dose of oxygen. Financial markets will dance a jig.  

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