Retrospective effect of revised price list rejected where earlier approved price list remained effective until the revision was filed.

A revised price list filed after an already approved original price list could not displace the earlier approval for the intervening period. Because the assessee did not challenge the Assistant Commissioner's approval through the proper appellate route, the later revision operated only from its filing date and not retrospectively. The appellate authority was therefore correct to limit consideration of the revised price list to the prospective period, with no retrospective effect from the date of the original price list.

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Issues: Whether the revised price list could be given retrospective effect from the date of the original price list, or would operate only prospectively from the date of its filing.

Analysis: The original price list had already been approved by the Assistant Commissioner. Instead of challenging that approval before the appropriate appellate forum, the assessee filed a revised price list on a later date. The subsequent revision could not displace the earlier approved price list for the intervening period, and the appellate authority correctly directed consideration of the revised price list only from the date of filing.

Conclusion: The revised price list was effective only prospectively and not retrospectively from 5-4-1989.

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