https://www.taxtmi.com/caselaws?id=255302 A conditional tax exemption accepted with an express repayment undertaking remained enforceable despite BIFR rehabilitation proceedings. The rehabilitation scheme did not extinguish the obligation to restore any benefit beyond the permitted exemption level, because the undertaking was expressly tied to the contingency of the Supreme Court modifying the earlier judgment. The excess exemption was therefore recoverable, and interest was also payable on the retained amount under the governing tax default and delayed-payment provisions, since continued retention after the contingency amounted to unjust enrichment. The demand raised by the tax authorities was sustained in full. en-us Fri, 19 Dec 2014 00:00:00 +0530 Tue, 13 Jan 2015 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255302 A conditional tax exemption accepted with an express repayment undertaking remained enforceable despite BIFR rehabilitation proceedings. The rehabilitation scheme did not extinguish the obligation to restore any benefit beyond the permitted exemption level, because the undertaking was expressly tied to the contingency of the Supreme Court modifying the earlier judgment. The excess exemption was therefore recoverable, and interest was also payable on the retained amount under the governing tax default and delayed-payment provisions, since continued retention after the contingency amounted to unjust enrichment. The demand raised by the tax authorities was sustained in full. Case-Laws VAT and Sales Tax Fri, 19 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255302