https://www.taxtmi.com/caselaws?id=105649 Industrial Policy, 1995 sales tax exemption was construed as an incentive for genuine new industrial investment, and the implementing notifications were read in that policy context. The requirement of exclusive ownership of the factory building was held not to require ownership of the land as well, while the separate lease-based limb addressed leased premises. This interpretation was supported by the text of the first limb, which omitted any land requirement, and by the policy objective of preventing bogus or fly-by-night units from claiming incentives. As the assessee owned the factory building and had made substantial investment, the eligibility condition was satisfied and the exemption was available. en-us Fri, 24 Mar 2006 00:00:00 +0530 Mon, 30 Jun 2014 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105649 Industrial Policy, 1995 sales tax exemption was construed as an incentive for genuine new industrial investment, and the implementing notifications were read in that policy context. The requirement of exclusive ownership of the factory building was held not to require ownership of the land as well, while the separate lease-based limb addressed leased premises. This interpretation was supported by the text of the first limb, which omitted any land requirement, and by the policy objective of preventing bogus or fly-by-night units from claiming incentives. As the assessee owned the factory building and had made substantial investment, the eligibility condition was satisfied and the exemption was available. Case-Laws VAT and Sales Tax Fri, 24 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105649