Retrospective taxation is used in many other countries like US, Canada, UK, Netherlands, Italy and Belgium. Countries use this form of taxation to rectify any deviation in the past which prevents large business corporate to make gain from these loopholes.
source https://www.caclubindia.com/articles/retrospective-taxation-in-india-45732.asp
source https://www.caclubindia.com/articles/retrospective-taxation-in-india-45732.asp
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