Mineral Area Development Authority Etc vs M/S Steel Authority Of India

The Supreme Court overruled the judgment in India Cement Ltd. v. State of Tamil Nadu, establishing that the doctrine of prospective overruling applies to new constitutional principles laid down in MADA. The Court held that retrospective application of MADA would disrupt existing commercial agreements and impose unjust tax liabilities on consumers. The Court decided to give MADA prospective effect, effective from 25 July 2024, to protect past transactions and state revenues while ensuring fairness in tax legislation.