Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: form 3cd :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: cpt :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TDS :: empanelment
« News Headlines »
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17
 Non-taxing GST apps to make filing income tax return less painful

`Steel scrap eligible for ST deferral concession'
October, 11th 2006
Madras HC quashes SIPCOT order -------------------------------------------------------------------------------- `The scheme of incentives was intended to encourage establishment of new industries -------------------------------------------------------------------------------- The Madras High Court has directed the State Industries Promotion Corporation of Tamil Nadu Ltd (SIPCOT) to reconsider steel scrap produced by a new industry set up in the 30 most backward taluks in certain districts as coming within the meaning of the expression "product" so as to be eligible for the deferral payment of sales tax for a period of 9 years. Quashing an order dated May 11, 2004 issued by the 1st respondent, SIPCOT, against the petitioner, JBM Sungwoo Ltd, holding that the petitioner was not entitled for the concession in regard to steel scrap, Mr Justice K. Chandru held that the writ petition succeeded. The petitioner had argued that steel scrap came as a by-product while producing steel metal components, assemblies and sub-assemblies of automobile parts. As steel scrap was not wanted and got accumulated, it had to be sold in the market. The judge noting this said that SIPCOT had not applied its mind to the decision of the standing committee which had held that the product was not indicated in the application for deferral/waiver. Instead, the judge held, SIPCOT had simply issued the impugned order stating that the petitioner was not entitled for the concession. Citing a judgement of a Division Bench of this Court, the Judge said that the scheme of incentives formulated by the State was one which was intended to encourage establishment of new industries. The Court wondered why SIPCOT shirked responsibility imposed on it even when there were authoritative pronouncements from both the High Court and the Supreme Court. The Judge directed SIPCOT to reconsider the matter and extend the concession to the petitioner in accordance with the law and accord all benefits arising out of the same. This exercise shall be done within four weeks from date of receipt of a copy of this order, it said.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions