https://www.taxtmi.com/caselaws?id=154973 Promissory estoppel can bind the State to an executive industrial-policy promise of octroi exemption where entrepreneurs establish and commence production in reliance on that assurance. A subsequent policy revision cannot withdraw the benefit without a statutory bar or substantiated overriding public interest; the stipulated five-year exemption remained enforceable. Sales tax exemption was also available under the amended notification for eligible raw materials, machinery, spare parts and packing materials for five years from unit certification, as the stated conditions were satisfied and the notification remained in force. Fiscal incentives must therefore be applied according to the governing policy and notification terms. en-us Wed, 12 Feb 1986 00:00:00 +0530 Fri, 30 Aug 2013 16:57:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=154973 Promissory estoppel can bind the State to an executive industrial-policy promise of octroi exemption where entrepreneurs establish and commence production in reliance on that assurance. A subsequent policy revision cannot withdraw the benefit without a statutory bar or substantiated overriding public interest; the stipulated five-year exemption remained enforceable. Sales tax exemption was also available under the amended notification for eligible raw materials, machinery, spare parts and packing materials for five years from unit certification, as the stated conditions were satisfied and the notification remained in force. Fiscal incentives must therefore be applied according to the governing policy and notification terms. Case-Laws VAT and Sales Tax Wed, 12 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=154973