BAKUL OIL INDUSTRIES & ANR. vs STATE OF GUJARAT & ANR.

The Supreme Court held that the appellants were entitled to tax exemption under the Gujarat Sales Tax Act, 1969, specifically under Sections 15 and 49(2), only for the period specified in the government notifications. The Court ruled that the subsequent notification dated July 17, 1971, which amended the earlier exemptions, did not have retrospective effect and thus did not affect the rights acquired under the previous notifications. The principle of promissory estoppel was not applicable as the exemption was not a vested right, leading to the dismissal of the appeal.