Court held that even though an amendment ,including one in the context of the Finance Act is brought in to force with effect from a stipulated date , the Court may as an exercise of statutory interpretation , determine whether the amendment is clarificatory or was intended to operate with retrospective effect . The test to be applied is essentially one of the intent of the legislature .
Snowtex Investment Ltd v. PCIT (SC)( 2019) 414 ITR 227/265 Taxman 3 / 308 CTR 665 / 178 DTR 89 (SC),www.itatonline.org
Interpretation of taxing statutes –Retrospectivity-Power of Courts – Intention of legislature to be seen . [ S.43(5) , 73 ]