« Top Headlines » Open DEMAT Account in 24 hrs  Budget 2024 makes new income tax regime more attractive: See how much taxes you can now save  ITR filing 2024: New vs old income tax regimes, 6 key things to consider while filing your tax return  These five technical glitches may impact your Income tax return (ITR) filing. Know here  ITR filing 2023-24: How to optimise Section 80D deductions at the time of filing tax returns  ITR filing 2023-24: Top 7 mistakes to avoid for hassle-free income-tax return filing this year  Income tax returns for FY 2023-24: Keep these 8 tax law changes in mind while filing ITR this year  ITR Filing 2024: Know who can and cannot file income tax returns using ITR-1 this year  Income Tax Filing: 10 necessary guidelines that you must be aware of  Why you should file your income tax returns before July 31  What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)  Income Tax Return: What are the alternatives to Form 16 that can be used while filing ITR? «  Bharti Airtel served notice to pay Rs 24.2-cr VAT... Advancing money to sister concerns... » `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.