Law declared by a Court will have retrospective effect if not otherwise stated

Siddhi Vinayaka Graphics Pvt  Ltd  Vs ADIT (ITAT Kolkata) ITAT Kolkata held that that law declared by a court will have retrospective effect, if not otherwise stated to be so specifically. It is also well settled proposition that whenever, a previous decision is overruled by a larger bench of the Supreme Court, the previous decision is completely wiped out. Facts- The sole issue raised by the assessee in this appeal is relating to the disallowance/adjustment made of Rs. 12,96,380/- by the Ld. AO on account of delayed deposit of employees’ contribution to PF/ESI u/s. 36(1)(va) read with sec...