Retrospective application

There is no distinction between a retrospective legislation which affects rights and liabilities and that which does not do so

All legislations affect rights or liabilities; the words being used in their widest sense

Legislature either creates a right or takes away a right or restricts or enlarges a right or similarly affects liabilities

A statute is to be deemed to be retrospective, which takes away or impairs any vested right acquired under existing laws, or creates a new obligation, or imposes a new duty, or attaches a new disability in respect of transactions or considerations already past

According to this definition, the very meaning of a retrospective legislation is one that impairs any vested right or imposes a new obligation in relation to transactions already past

Retrospective is well defined: "Nova constitutio futuris formam imponere bebet, non prateritis" i.e. unless there be clear words to the contrary, statutes do not apply to a past, but to a future, state of circumstances.

Procedural laws govern the mechanisms and methodologies through which substantive rights and obligations are effectuated

This retrospective effect comports with the principle that procedural laws are designed to augment the administration of justice by ensuring that judicial proceedings are conducted with fairness and efficacy.

Statute would be deemed to be applicable from date of its promulgation, unless retrospective effect was given thereto with expression provision

Said provision, was not specifically made applicable with retrospective effect, therefore same would not apply to assessment finalized prior to its addition w.e.f. 1-7-2003.