Retroactive effect of change found to be “curative”
The Ahmedabad Bench of the Income-tax Appellate Tribunal held that an amendment made to a provision of the tax law concerning the rules for determining the value of consideration for immovable property was “curative” and therefore applies retroactively, effective from 1 April 2003 (the date when the change was introduced). The case is: Dharamshibhai Somani. Read an October 2016 report [PDF 335 KB] of KPMG