https://www.taxtmi.com/caselaws?id=161071 A constitutional challenge to proviso (b) of section 30AA, alleging arbitrary retrospective shifting of tax, interest and penalty to purchasers under Article 14, did not survive after the State stated that cancellation may be prospective or retrospective but genuine transactions will be protected. The State further clarified that section 15 would apply where cancellation is prospective and that genuineness of transactions would be verified at assessment or reassessment, so bona fide transactions would not be affected by section 30AA or its provisos. In view of that concession, the challenge was not pressed and the petitions were dismissed accordingly. en-us Fri, 18 Dec 1998 00:00:00 +0530 Tue, 31 Dec 2013 15:15:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=161071 A constitutional challenge to proviso (b) of section 30AA, alleging arbitrary retrospective shifting of tax, interest and penalty to purchasers under Article 14, did not survive after the State stated that cancellation may be prospective or retrospective but genuine transactions will be protected. The State further clarified that section 15 would apply where cancellation is prospective and that genuineness of transactions would be verified at assessment or reassessment, so bona fide transactions would not be affected by section 30AA or its provisos. In view of that concession, the challenge was not pressed and the petitions were dismissed accordingly. Case-Laws VAT and Sales Tax Fri, 18 Dec 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=161071