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Court Upholds Removal of SEZ Exemption from MAT; Tax Incentives Require Sunset Clause, Rejects Promissory Estoppel Argument.

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....Removal of exemption from MAT (minimum alternate tax) on SEZ - Promissory estoppel - It is settled position of law that every tax exemption and incentive shall have a sunset clause - decided against the assessee - HC....

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Court Upholds Removal of SEZ Exemption from MAT; Tax Incentives Require Sunset Clause, Rejects Promissory Estoppel Argument.