S.B. International Ltd. And Ors. vs Asstt. Director General Of Foreign ... on 24 January, 1996
The situation is no different in our case either. The pass books were issued
to the petitioners on certain conditions as they appeared in the EXIM Policy,
which we have quoted earlier. If that is so, then the entitlement of the
petitioners to the credit earned on account of the exports made during the
pendency of the pass books granted to them could not be set at naught by
relying on the subsequent norms which came into effect only from 1-4-1997.
The Bombay High Court had also relied upon the aforementioned decision of S.B.
International Limited case. We also respectfully agree with the learned
Judges of the Bombay High Court and would choose to follow the same course as
they did.