UNION OF INDIA vs VICTORY PLASTIC

The Supreme Court held that the exemption notification dated March 15, 1979, which provided full exemption from customs duty for P.V.C. resin, was superseded by the notification dated October 16, 1980, which limited the exemption. The Court ruled that the respondent, who opened letters of credit after the latter notification, could not claim full exemption based on the earlier notification. The appeal was allowed, and the Bombay High Court's judgment was set aside, affirming the Assistant Collector's decision.