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2008 (2) TMI 600 - SUPREME COURTexemption notification denied - Held that:- High Court has failed to consider the question of law, which arose for determination before it in Sales Tax Revision Nos. 177-189 of 2007(1). As stated in this case, we are concerned with interpretation of various exemption notifications. We are not concerned with interpretation of circular No. 16/98 dated May 28, 1998. In this case, we are concerned with the words and expressions used in the notification(s). This point has been missed by the High Court in its impugned judgment. Therefore, on the scope and effect of each of the above exemption notifications, the matter needs to be remitted to the AO for fresh decision in accordance with law. And if the assessee satisfies the terms and conditions mentioned in the exemption notification, the assessee would be entitled to the benefit thereunder notwithstanding the circular issued by the Board/Commissioner. This is on the principle mentioned hereinabove that such circular does not bind the assessee if the assessee demonstrates that it fulfils the conditions mentioned.
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