M/S. TATA IRON & STEEL CO. LTD. vs STATE OF JHARKHAND .

The Supreme Court interpreted notifications Nos. 65, 66 & 67 dated 12th January 2002 under the Jharkhand Industrial Policy, 2001, and addressed the exemption claims under Section 7(3)(b) of the Bihar Finance Act, 1981. The Court held that the cold rolled product manufactured by the Appellant constitutes a new and distinct product from the hot rolled product, thereby entitling the Appellant to the claimed tax exemptions. The judgment reversed the earlier decision of the Commissioner of Commercial Tax, affirming the Appellant's entitlement to benefits under the relevant notifications.