Retrospective rulemaking power permitted, subject to safeguard against prejudicial effect on assessees from commencement date. The amendment to section 25 expressly grants the rulemaking authority power to give retrospective effect to rules from a date not earlier than the ... Summary
Retrospective rulemaking power permitted, subject to safeguard against prejudicial effect on assessees from commencement date.
The amendment to section 25 expressly grants the rulemaking authority power to give retrospective effect to rules from a date not earlier than the commencement of the Act, while stipulating that, unless a contrary intention is permitted, no retrospective effect shall be given so as to prejudicially affect the interests of assessees.
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