Financial Daily from THE HINDU group of publications
Saturday, Aug 28, 2004
Financial Daily from THE HINDU group of publications Saturday, Aug 28, 2004 |
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Corporate
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Courts/Legal Issues SC restores tax exemption to Tata Steel CR mill Our Bureau
Mumbai , Aug. 27 TATA Steel on Friday said that a Supreme Court order dated August 25 has restored sales tax exemption granted to its cold rolling mill. The exemption was initially granted by the Joint Commissioner, Commercial Taxes, through an order in December 2000. But this order was set aside by the Commissioner, Commercial Taxes on April 3, 2001, under its suo moto revisional powers. Tata Steel said it had approached the Bihar Government to extend the benefit of Industrial Policy, 1995, for installing a cold rolling mill plant at Jamshedpur. The company had invested Rs 1,800 crore for setting up this plant and started trial production during the last week of February 2000. Thereafter, Jharkhand State came into existence in November 2000. While the Jharkhand Joint Commissioner, Commercial Taxes, granted exemption, this was set-aside by the Commissioner Commercial Taxes (CCT). Tata Steel had challenged the order in the Jharkhand High Court and subsequently sought redressal in the apex court. The judgement has helped the company notionally as it would not have to pay sales tax on its CR sales over a period of eight years, a company official said.
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