SC Explains Difference Between Retrospective And Retroactive Statutes [Read Judgment]

Ashok Kini

24 Jan 2019 2:12 PM IST

"Retroactivity in the context of the statute consists application of new rule of law to an act or transaction which has been completed before the Rule was promulgated."

While holding that the Interest on Delayed Payment to Small Scale and Ancillary Industrial Undertakings Act, 1993, is prospective in operation, the Supreme Court has delineated the difference in concepts of retrospective and retroactive operation of laws. The bench comprising Justice AK Sikri, Justice Ashok Bhushan and Justice S Abdul Nazeer was considering these appeals after a...

SC Explains Difference Between Retrospective And Retroactive Statutes [Read Judgment]

Ashok Kini

"Retroactivity in the context of the statute consists application of new rule of law to an act or transaction which has been completed before the Rule was promulgated."

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