CIT Vs Vatika Township: SC explains Retrospective Tax Law Principles

CIT Vs Vatika Township Private Limited (Supreme Court of India) The case of CIT vs. Vatika Township Private Limited (Supreme Court of India) dealt with the retrospective applicability of legislative amendments, particularly focusing on the proviso to Section 113 of the Income Tax Act. The court emphasized the principle that laws are presumed to operate prospectively unless explicitly stated otherwise, as retrospective application can disrupt settled rights and create unforeseen liabilities. This principle, rooted in fairness, ensures individuals can rely on existing laws to arrange their affai...