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Issues: Whether exemption under Notification No. 108/95 could be denied merely because the certificate was issued by the project authorities instead of directly by the international organisation financing the project.
Analysis: The supply of ACSR conductors to the project financed by the Asian Development Bank was not in dispute. The only controversy was about the source of the eligibility certificate. The certificate on record had been issued by the project authorities in accordance with the stated procedure for projects financed by international organisations. Rejecting such a certificate would defeat the object of the notification, which was intended to reduce the cost of projects financed by international institutions. A narrow, literal construction was therefore held to be unwarranted.
Conclusion: The exemption could not be denied on the ground that the certificate was not issued directly by the international organisation, and the issue was decided in favour of the assessee.
Ratio Decidendi: An exemption notification intended to advance a public project purpose must be construed liberally, and compliance with its certificate requirement is satisfied where the certificate is issued by a duly authorised project authority in accordance with the prescribed procedure.
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