Court Rules on Area-Based Tax Exemptions: More Credit Reduces Refund; Penalties Against Assessee Dismissed.

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....Area based exemption - the availability of more credit does not benefit an assessee in any manner and, on the contrary, reduces the refund available to him in terms of this notification. - Once the differential duty is paid through PLA, the assessee would be eligible for its self credit in PLA. - demand and levy of penalty set aside - AT....