Retrospective effect now runs from the end of the financial year of the order, not from the order date. The amendment substitutes the phrase treating an amendment as effective 'from the date of the order sought to be amended' with wording that makes the amendment effective 'from the end of the financial year in which the order sought to be amended was passed,' thereby changing the retrospective starting point for subsection (7) of the Gift-tax Act and tying effect to the financial year-end.
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Provisions expressly mentioned in the judgment/order text.
Retrospective effect now runs from the end of the financial year of the order, not from the order date.
The amendment substitutes the phrase treating an amendment as effective "from the date of the order sought to be amended" with wording that makes the amendment effective "from the end of the financial year in which the order sought to be amended was passed," thereby changing the retrospective starting point for subsection (7) of the Gift-tax Act and tying effect to the financial year-end.
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