Prime Minister Narendra Modi-led government does not believe in retrospective legislation, said Union Finance Minister Arun Jaitley on Wednesday.
"But since we have had one from the previous government assesses could not have assumed that a tax will come on a future date which will levy taxation from a back date. So, just charge the principle, it would not be fair to charge the interest or penalty and, consequently, on payment of principle if any assessee wants to settle back that's an option which has been given," Jaitley was quoted by ANI as telling the media in the national capital.
"I think each one of these steps is very clear. If the appellate orders are not executed within 90 days then the refund we have increased the interest with the refunds and the officer in question will have to be made accountable for that," he added.