M/S VARKISONS ENGINEERS vs STATE OF KERALA

The Supreme Court ruled that the amended provisions of the Kerala Finance Act, 2001, effective from July 23, 2001, apply to the Assessment Year 2001-2002, despite the absence of specific provisions for fractional assessments. The Court clarified that retrospective amendments are permissible, emphasizing that the term 'assessment' can encompass various stages of tax liability. The holding affirmed the applicability of the revised tax rates from the date of amendment, rejecting the argument for reliance on the rates at the beginning of the assessment year.