Four things must be clearly stated in any taxing laws:
1) When tax will become applicable ( Example: A tax on sale becomes applicable when Sale is made)
2) Who will be liable to pay this tax
3) At what rate this tax will be applied
4) Which value will be taken into account for calculating tax as per rate mentioned in law.
Reference Case : U.P Vs Systematic
Haresh Raichura
1037
