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2006 (3) TMI 313 - SC - VAT and Sales TaxWhether the two notifications Nos. 478 and 479 are repugnant to the incentive policy? Held that:- Appeal dismissed. As noted the ratio of the decision of this Court in the case of State of Bihar v. Suprabhat Steel Ltd. reported in (1998 (11) TMI 530 - SUPREME COURT OF INDIA) in which it has been held that the notifications meant for implementing the Industrial Policy of the State Government, cannot override the incentive policy. On the facts of the present case, we need not examine the question as to whether the said two Notifications Nos. 478 and 479, quoted hereinabove, are repugnant to the incentive policy. Thus vide order dated March 26, 2004, this Court, by way of interim measure, directed the appellant herein to adjust the refundable amount of Rs. 40 crores, for the accounting year commencing from April 1, 2004, the balance amount was ordered to be refunded to Tata Cummins Ltd. who undertook to pay back to the appellant the balance payment with interest at the rate of 9 per cent in the event of the State succeeding in this civil appeal. However, since we are dismissing the appeal filed by the State, the question of refund by Tata Cummins Ltd. to the State, of the balance amount, i.e., Rs. 14.5 crores with interest, does not arise.
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