NK Kaul : this is my submission that by a legislative fiat or legal fiction you cannot take away a historical legislative fact, you cannot alter history.

CJI: the legislature is not bound to take the notice of facts as they emerge as you and would think emerge. Powers are with the legislature, that's what they do everytime in Income Tax

Khanna J : I was just paraphrasing your argument not accepting or rejecting it, because it is also well settled that the legislature can make laws with retrospective effect. Suppose they were of the view that they had a mistaken notion to use the word establish there, they could have always removed it because the court acted upon that basis