M/S.Ispat Profiles India Limited vs Appellate Authority For … on 29 January, 2016

1. Way back in the year 1989 the petitioner commenced commercial
production of steel products at its plant located in District Pune in the
State of Maharashtra. It availed credit facilities from various banks and
financial institutions such as IFCI, Indian Bank, State Bank of Bikaner
and Jaipur, Dena Bank, State Bank of India, State of Bank of Hyderabad
and ICICI Bank. Being a new unit, as per the policy of the State of
Maharashtra, the petitioner was given a credit facility of collecting sales
tax from the buyers of the product manufactured by the petitioner and
paying the same to the State Government with a moratorium of ten years
i.e. ten years sales tax collected could be paid in installments after ten
years of commencement of the sale.

Source: Indian Kanoon

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