State of Maharashtra & Ors. Vs Prism Cement Limited & Anr. (Supreme Court of India)
Supreme Court held that State Government while applying amendment of Section 8(5) of the Central Sales Tax Act by the Finance Act, 2002 was not justified in taking away right accrued to assessee without revoking entitlement certificate.
Facts- The assessee-respondent Prism Cement Limited, a public limited company, invoked the extraordinary writ jurisdiction of the High Court, challenging the three trade circulars issued by the Commissioner of Sales Tax, Mumbai on 27.05.2002, 20.07.2002 and 08.02.2007 respectively and various notices issued by the Deputy Commissioner of Sales Tax u/s. 38 of the Bombay Sales Tax Act, 1959 for revising the assessments of the assessee-respondent made for the assessment years 2002-2003 to 2004-2005. Consequentially, calling upon the assessee-respondent to pay/refund the exempted portion of the tax as per the provision of Package Scheme of Incentives 1993 on the sale of goods effected in the course of inter-State trade or commerce.
Conclusion- It is a cardinal principle of construction that every statute is prima-facie perspective in nature unless it is expressly or by necessary implication made to have retrospective operations. Unless there are words in the statutes sufficient to show the intention of the legislature to affect existing rights, it is deemed to be prospective only.
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