In Brief
Chowgule & Company, an exporter of processed iron ore, sought additional export license benefits under the 1988-1991 Exim Policy based on exports made during April 1990–March 1991. However, the government's 1990-1993 Exim Policy had reclassified processed iron ore as an ineligible item. The company argued promissory estoppel applied since it had contracted under the old policy. The Supreme Court held that export incentives are policy decisions that may be varied without restriction, the relevant date is actual export (not contract), and promissory estoppel does not apply to incentive schemes. Therefore, the denial of additional license was lawful and the appeal was dismissed."
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