Retrospective rulemaking allowed but limited to commencement date and not prejudicial to assessees, preserving rights. The amendment adds a sub section to section 295 authorising rules to have retrospective effect from a date not earlier than the Act's commencement, while ... Summary
Retrospective rulemaking allowed but limited to commencement date and not prejudicial to assessees, preserving rights.
The amendment adds a sub section to section 295 authorising rules to have retrospective effect from a date not earlier than the Act's commencement, while providing that, unless expressly or implicitly permitted, no retrospective effect shall be given to any rule so as to prejudicially affect the interests of assessees.
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