A Bench of Chief Justice of India (CJI) DY Chandrachud with Justices Hrishikesh Roy, Abhay S Oka, BV Nagarathna, JB Pardiwala, Manoj Misra, Ujjal Bhuyan, Satish Chandra Sharma, and Augustine George Masih delivered the verdict.
“States can levy and renew demand for taxes but the demand of tax shall not operate on transactions made prior to April 1, 2005,” the Court said.
The Court said that the time for payment of demand for tax shall be staggered in installments over a period of 12 years commencing from April 1, 2026.
The Court also ordered that levy of interest and demand of penalty made on or before July 25, 2024, shall stand waived off.
Justice Nagarathna did not sign the judgment since she had dissented in the main judgment of July 25.
Source: Barandbench
