https://www.taxtmi.com/caselaws?id=256255 The High Court clarified that legal judgments have prospective effect unless expressly stated otherwise. In this case concerning the applicability of a Supreme Court judgment on deductibility of business expenditure for income tax assessment, the Court held that additional tax could not be levied retrospectively. The judgment emphasized the importance of considering the timing of liability accrual in relation to the filing of returns and highlighted that imposing additional tax in such circumstances would penalize the assessee unfairly. The appeal was dismissed based on the principle of prospective application of legal judgments unless specified otherwise. en-us Wed, 07 Jan 2015 00:00:00 +0530 Sat, 07 Nov 2015 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256255 The High Court clarified that legal judgments have prospective effect unless expressly stated otherwise. In this case concerning the applicability of a Supreme Court judgment on deductibility of business expenditure for income tax assessment, the Court held that additional tax could not be levied retrospectively. The judgment emphasized the importance of considering the timing of liability accrual in relation to the filing of returns and highlighted that imposing additional tax in such circumstances would penalize the assessee unfairly. The appeal was dismissed based on the principle of prospective application of legal judgments unless specified otherwise. Case-Laws Income Tax Wed, 07 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256255