The amendment which has been brought about by the Legislature is intended to be clarificatory or to remove an ambiguity in the law must depend upon the context. The court would have due regard to (i) the general scope and purview of the statute, (ii) the remedy sought to be applied, (iii) the former state of the law, and (iv) what power that the Legislature contemplated. There exists a presumption of retrospective application in regard to amendments which are of a procedural nature. Construction which would defeat purpose of underlying provision must be avoided. Construction cannot lead to absurd consequences.
CIT v. Ram Kishan Dass. (2019) 413 ITR 337 / 307 CTR 777/ 263 Taxman 657 (SC)
Interpretation of taxing statutes-Retrospective Operation- Presumption of retrospective application of amendments of Procedural nature.