STATE OF KERALA vs M/S AKAY FLAVOURS AND AROMATICS LTD.

The Supreme Court addressed the interpretation of SRO 1727/1993 issued by the State of Kerala concerning the exemption from tax for industrial goods. The core issue was whether the exemption period should commence from the date of project approval by the Central Government or from the actual start of production. The Court examined the language of the notification and relevant legal principles to determine the correct interpretation. The judgment clarified the basis for calculating the exemption period, impacting the rights of the assesses and the State.