Promissory Estoppel: Last Hope for Fading Excise Exemptions?

'Promissory Estoppel', as an equitable principle, has been in vogue in judicial systems for long. Intended to counter the evading tendencies and insist upon parties to perform the promises made, the principle of promissory estoppel relieves the parties aggrieved from such breach of promises. The embodiment of this equitable principle in Section 115 is a reflection of legislative despise for such inequitable conduct and its intent to enforce all such retracted promises.