may 11, 1995

SC settles PME deductibility issue

The Supreme Court has finally ended the long-drawn legal battle over deductibility of post-manufacturing expenses (PME) from the price while determining the value of an excisable article. The apex court has settled all disputes regarding packing charges, issue of cost of packing, deduction of expenses incurred by the assessee for maintenance of depots from where the goods are delivered in the course of wholesale trade, and cost of distribution incurred at the duty-paid sales depots in the judgment delivered in the case titled ‘Government of India and others versus the Madras Rubber Factory and others’.

$ 350m. in Euro market

The revival of overseas equity offerings by Indian issuers seems to be imminent with four Indian corporates planning to raise over $ 350 millions in the next couple of months. Leading the short list of corporates now holding discussions with their investment bankers for this is the joint sector company, Tamil Nadu Petroproducts Ltd (TPL). The others who have revived their plans to tap the Euro market are BSES, the State-owned Shipping Corporation of India and Saw Pipes.

Assocham seeks clear policy on port privatisation

Assocham has called for a transparent policy on privatisation of ports, redefining the commercial and legal relationship between the private operators and related segments of the port authorities. Assocham has also urged the Government to come out with clear-cut guidelines for private sector participation in port activities, similar to the power and highways sectors.

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