https://www.taxtmi.com/caselaws?id=49638 Retrospective amendment of a taxing statute forms part of the law from its declared effective date. Where an assessment allowance becomes inconsistent with the statute as retrospectively amended, the resulting legal error constitutes a mistake apparent from the record and may be rectified under the applicable rectification provision. The rectification power extends to patent mistakes of law and remains distinct from special revisional powers under amendment legislation. Consequently, a previously valid completed assessment may be corrected to withdraw a credit rendered erroneous by retrospective amendment, and a consequential demand based on the corrected assessment is lawful. en-us Mon, 28 Apr 1958 00:00:00 +0530 Fri, 05 Sep 2014 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49638 Retrospective amendment of a taxing statute forms part of the law from its declared effective date. Where an assessment allowance becomes inconsistent with the statute as retrospectively amended, the resulting legal error constitutes a mistake apparent from the record and may be rectified under the applicable rectification provision. The rectification power extends to patent mistakes of law and remains distinct from special revisional powers under amendment legislation. Consequently, a previously valid completed assessment may be corrected to withdraw a credit rendered erroneous by retrospective amendment, and a consequential demand based on the corrected assessment is lawful. Case-Laws Income Tax Mon, 28 Apr 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49638