https://www.taxtmi.com/caselaws?id=212994 Aluminium alloy rods, flats and billets cleared to ISRO were held not to qualify as systems or sub-systems of launch vehicles or satellite projects under Notification No. 64/95-CE, because exemption notifications are strictly construed and the assessee failed to bring the goods within the notification's plain terms. The later substitution by Notification No. 7/2008-CE was held prospective only, as a beneficial amendment does not automatically apply retrospectively absent clear legislative intent or correction of an obvious earlier mistake. Penalty was nonetheless set aside because the appellant had obtained the required certificate and acted under a bona fide belief of exemption eligibility. en-us Mon, 19 Dec 2011 00:00:00 +0530 Fri, 08 Nov 2013 16:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212994 Aluminium alloy rods, flats and billets cleared to ISRO were held not to qualify as systems or sub-systems of launch vehicles or satellite projects under Notification No. 64/95-CE, because exemption notifications are strictly construed and the assessee failed to bring the goods within the notification's plain terms. The later substitution by Notification No. 7/2008-CE was held prospective only, as a beneficial amendment does not automatically apply retrospectively absent clear legislative intent or correction of an obvious earlier mistake. Penalty was nonetheless set aside because the appellant had obtained the required certificate and acted under a bona fide belief of exemption eligibility. Case-Laws Central Excise Mon, 19 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212994