https://www.taxtmi.com/caselaws?id=106381 An industrial incentive exemption notification was construed according to its plain deeming terms. For self-financed units, acquisition of, or firm orders for, the necessary plant and machinery before the cut-off date was sufficient, and advance payment by cheque or demand draft credited before that date could count as a firm order. The Court held that the word "any" in the deeming clause could not be read as "all" or as requiring advance payment for the entire project machinery. Because the unit had placed qualifying orders, made advance payments before the cut-off date, and commenced commercial production within the stipulated time, the exemption requirements were satisfied. The Court also applied promissory estoppel, holding that the State was bound by its prior inducements on which the appellant had acted. en-us Mon, 11 May 2009 00:00:00 +0530 Mon, 26 Aug 2013 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106381 An industrial incentive exemption notification was construed according to its plain deeming terms. For self-financed units, acquisition of, or firm orders for, the necessary plant and machinery before the cut-off date was sufficient, and advance payment by cheque or demand draft credited before that date could count as a firm order. The Court held that the word "any" in the deeming clause could not be read as "all" or as requiring advance payment for the entire project machinery. Because the unit had placed qualifying orders, made advance payments before the cut-off date, and commenced commercial production within the stipulated time, the exemption requirements were satisfied. The Court also applied promissory estoppel, holding that the State was bound by its prior inducements on which the appellant had acted. Case-Laws VAT and Sales Tax Mon, 11 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106381