https://www.taxtmi.com/caselaws?id=756815 A completed assessment under the Trade Tax Act cannot be reopened merely because a later Supreme Court decision declares the relevant transaction taxable. The original assessment had granted exemption on the law as it stood when it was finalized, and that finality could not be disturbed solely on the basis of a subsequent change in judicial interpretation. Reopening on that ground was treated as a colourable exercise of power and beyond jurisdiction. The completed assessment was therefore not liable to be reopened. en-us Thu, 01 Aug 2024 00:00:00 +0530 Sat, 10 Aug 2024 09:04:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756815 A completed assessment under the Trade Tax Act cannot be reopened merely because a later Supreme Court decision declares the relevant transaction taxable. The original assessment had granted exemption on the law as it stood when it was finalized, and that finality could not be disturbed solely on the basis of a subsequent change in judicial interpretation. Reopening on that ground was treated as a colourable exercise of power and beyond jurisdiction. The completed assessment was therefore not liable to be reopened. Case-Laws VAT and Sales Tax Thu, 01 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756815