« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.