Benefit of tax exemption under BIFR cannot be an unending bonanza: SC

Augustan Textile Colours Limited Vs Director of Industries and Anr. (Supreme Court of India) Facts-The issue to be considered here is whether the benefit of tax exemption in respect of works contract granted in the process of revival of the industry, under the relevant provisions of the Sick Industrial Companies Act, 1985 based on the Kerala Government communication dated 20.3.2004 (Ext. P-2) can be withdrawn, by the subsequent government order dated 21.11.2006 (Ext. P-3). Conclusion- Exemption of sales tax is contemplated for a period of two years. However, it further provides that it cannot...