https://www.taxtmi.com/caselaws?id=159946 A judicial declaration that REP licences are "goods" was treated as a clarification of the existing law and therefore operated retrospectively, so sales of REP licences could be included in taxable turnover for an assessment period before that declaration, provided the assessment was otherwise within limitation. Interest on the resulting tax liability was recoverable only from the date the law was settled, because the assessee could not be in default before the tax obligation became ascertainable. The assessment was upheld, but the interest component was restricted to the period commencing on 1 May 1996. en-us Thu, 20 Nov 1997 00:00:00 +0530 Thu, 05 Dec 2013 18:07:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=159946 A judicial declaration that REP licences are "goods" was treated as a clarification of the existing law and therefore operated retrospectively, so sales of REP licences could be included in taxable turnover for an assessment period before that declaration, provided the assessment was otherwise within limitation. Interest on the resulting tax liability was recoverable only from the date the law was settled, because the assessee could not be in default before the tax obligation became ascertainable. The assessment was upheld, but the interest component was restricted to the period commencing on 1 May 1996. Case-Laws VAT and Sales Tax Thu, 20 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=159946