https://www.taxtmi.com/caselaws?id=156081 Amendments treating sales at abnormally low prices as liable to reassessment were explained as prospective only, because they enlarged the basis of assessment and affected vested rights; absent express language or necessary implication, they could not reopen pre-1 July 1985 transactions. The provisions were also treated as vulnerable to vagueness because terms like "prevailing market prices" and "abnormally low" lacked statutory guidelines, so they were read down to operate only when workable legislative criteria exist. Reassessment based solely on comparison with market prices, without independent material showing actual suppression or escapement of turnover, was said to be unsustainable and liable to be quashed. en-us Sat, 31 Mar 1990 00:00:00 +0530 Fri, 13 Sep 2013 14:28:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=156081 Amendments treating sales at abnormally low prices as liable to reassessment were explained as prospective only, because they enlarged the basis of assessment and affected vested rights; absent express language or necessary implication, they could not reopen pre-1 July 1985 transactions. The provisions were also treated as vulnerable to vagueness because terms like "prevailing market prices" and "abnormally low" lacked statutory guidelines, so they were read down to operate only when workable legislative criteria exist. Reassessment based solely on comparison with market prices, without independent material showing actual suppression or escapement of turnover, was said to be unsustainable and liable to be quashed. Case-Laws VAT and Sales Tax Sat, 31 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=156081