https://www.taxtmi.com/caselaws?id=334066 Section 19(20) of the Tamil Nadu Value Added Tax Act, 2006 could not sustain assessments based on retrospective application to past transactions because the Supreme Court held the amendment valid only prospectively. The assessments therefore had to be reconsidered by excluding any retrospective burden, and the orders were liable to be set aside for fresh consideration in line with that ruling. A fiscal amendment imposing a new liability cannot impair vested rights through retrospective operation unless the legislature clearly and validly authorises it. en-us Fri, 07 Oct 2016 00:00:00 +0530 Thu, 03 Nov 2016 09:41:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334066 Section 19(20) of the Tamil Nadu Value Added Tax Act, 2006 could not sustain assessments based on retrospective application to past transactions because the Supreme Court held the amendment valid only prospectively. The assessments therefore had to be reconsidered by excluding any retrospective burden, and the orders were liable to be set aside for fresh consideration in line with that ruling. A fiscal amendment imposing a new liability cannot impair vested rights through retrospective operation unless the legislature clearly and validly authorises it. Case-Laws VAT and Sales Tax Fri, 07 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334066