https://www.taxtmi.com/caselaws?id=757252 The SC applied the doctrine of prospective overruling in a tax matter involving state legislation under Entries 49 and 50 of List II, Seventh Schedule. The Court held that while states may levy or renew tax demands following established precedent, such demands shall not operate on transactions prior to 1 April 2005. Payment of tax demands shall be staggered over twelve years commencing 1 April 2026. Interest and penalty on demands for the period before 25 July 2024 were waived for all assessees to prevent hardship and injustice. en-us Wed, 14 Aug 2024 00:00:00 +0530 Wed, 21 Aug 2024 08:57:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757252 The SC applied the doctrine of prospective overruling in a tax matter involving state legislation under Entries 49 and 50 of List II, Seventh Schedule. The Court held that while states may levy or renew tax demands following established precedent, such demands shall not operate on transactions prior to 1 April 2005. Payment of tax demands shall be staggered over twelve years commencing 1 April 2026. Interest and penalty on demands for the period before 25 July 2024 were waived for all assessees to prevent hardship and injustice. Case-Laws Indian Laws Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757252