https://www.taxtmi.com/caselaws?id=29412 Retrospective cancellation of approval under section 10(15)(iv)(c) was unsustainable because the relevant contract terms and application materials were already before the competent authorities when exemption was originally granted; the cancellation was therefore quashed. The later deferred-payment purchase also required fresh examination of the interest rate by the Ministry of Finance under the Income-tax Act, since industrial clearance by the Ministry of Industry did not decide tax exemption. The matter on the later application was remitted for reconsideration by the competent authority. en-us Mon, 17 Nov 1980 00:00:00 +0530 Fri, 12 Mar 2010 16:25:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29412 Retrospective cancellation of approval under section 10(15)(iv)(c) was unsustainable because the relevant contract terms and application materials were already before the competent authorities when exemption was originally granted; the cancellation was therefore quashed. The later deferred-payment purchase also required fresh examination of the interest rate by the Ministry of Finance under the Income-tax Act, since industrial clearance by the Ministry of Industry did not decide tax exemption. The matter on the later application was remitted for reconsideration by the competent authority. Case-Laws Income Tax Mon, 17 Nov 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29412