Cases already settled cannot be reopened on the basis of Retrospective Amendment

In the instant case, the amendment under Section 260A (2A) has been introduced retrospectively w.e.f. 01.10.1998 by the Finance Act, 2010. But fact remains that the cases already settled before the said amendment cannot be re-opened, as per the ratio laid down in the case of Babu Ram v. C. C. Jacob and others; AIR (1999) SC 1845, where it was observed that the prospective declaration of law is a devise innovated by the apex court to avoid reopening of settled issues and to prevent multiplicity of proceedings. It is also a devise adopted to avoid uncertainty and avoidable litigation. By the ver...