SC: Doctrine of Promissory Estoppel not applicable on subsequent industrial policies

Union of India & Another Vs V.V.F Limited & Another (Supreme Court) Conclusion: Subsequent notifications/industrial policies  were issued in public interest and in the interest of the Revenue and they seek to achieve the original object and purpose of giving incentive/exemption while inviting the persons to make investment on establishing the new undertakings and they did not take away any vested rights conferred under the earlier notifications/industrial policies and therefore could not be said to be hit by the doctrine of promissory estoppel, the same was to be applied retrospective...