https://www.taxtmi.com/caselaws?id=271296 A governmental economic policy such as a One Time Settlement may be revised in larger public interest, including to exclude profit-making companies, and the State was entitled to do so. That revision, however, could not operate retrospectively to defeat transactions already acted upon in the absence of express or necessary statutory authority. Where the concession had been accepted, payments made, and the parties had altered their position, promissory estoppel bound the State and the Corporation in respect of those settled cases. The result was prospective policy change only, with accrued OTS benefits preserved for completed performance. en-us Wed, 23 Dec 2015 00:00:00 +0530 Tue, 02 Feb 2016 10:08:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271296 A governmental economic policy such as a One Time Settlement may be revised in larger public interest, including to exclude profit-making companies, and the State was entitled to do so. That revision, however, could not operate retrospectively to defeat transactions already acted upon in the absence of express or necessary statutory authority. Where the concession had been accepted, payments made, and the parties had altered their position, promissory estoppel bound the State and the Corporation in respect of those settled cases. The result was prospective policy change only, with accrued OTS benefits preserved for completed performance. Case-Laws Indian Laws Wed, 23 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271296