TP - Mere dissatisfaction with factual findings of ITAT regarding selection of comparables after application of quantitative/qualitative filters cannot be contested u/s 260A: HC (See 'TOG Latest')I-T - Assessee is eligible to claim exemption u/s 54 where possession of flat held by him since date of allotment is handed over & capital gain is paid on transfer of property 'held': ITAT (See 'TOG Latest')Customs - Classification of imported goods cannot be decided based on internet search results when Department could have obtained expert opinion or technical write-up: CESTAT (See 'TOG Latest')Central Excise - Demands cannot be raised under rent-a-cab service where Department is unable to prove that vehicle was capital goods of assessee & was registered in its name: CESTAT (See 'TOG Latest')ISA - India to host first general conclave (See 'TOG News')New convention & expo centre to reflect economic progress: Modi (See 'TOG News')TP - When agreement between two resident companies does not provide for any markup on total cost then no addition is permitted by applying margin of international transactions: ITAT (See 'TOG Latest')I-T - If interest income does has no direct link with eligible business or business activity then it can be considered for deduction claimed u/s 80IB & 80IC: ITAT (See 'TOG Latest')Central Excise - Cenvat credit be availed on supplementary invoices rasing demand for 'royalty charges' & 'stowing excise duty', 'paryavaran upkar', 'vikas upkar', 'forest fee' & 'Entry tax': CESTAT (See 'TOG Latest')Service Tax - Extended period of limitation cannot be invoked where issue of taxability of commission received from banks was contested during period of dispute: CESTAT (See 'TOG Latest')Govt launches Swachhata Hi Seva campaign to promote cleanliness (See 'TOG News')Govt launches Swachhata Hi Seva campaign to promote cleanliness (See 'TOG News')Delhi Govt inks pact with Seoul for better infrastructure & public health (See 'TOG News')Govt launches star rating based on efficient energy use (See 'TOG News')DTAA - Tax Residency Certificate constitutes sufficient evidence for accepting status of residence as well as beneficial ownership for seeking treaty benefits: ITAT (See 'TOG Latest')I-T - Pre-deposit of duty demanded from cooperative institution can be waived off considering that its members come from marginal sections of society: ITAT (See 'TOG Latest')Customs - Duty exemption under Notfn No 46/2006-Cus can be denied where entire quantity of imported goods were not used to manufacture final product: CESTAT (See 'TOG Latest')Central Excise - Cenvat credit cannot be allowed on Outdoor Catering service which is utilized for personal use by employees & has no nexus with manufacture of final product: CESTAT (See 'TOG Latest')
Tax on Go
Budget 2015
Click the banner to download Documents
HOME       GST     INDIRECT TAX     INCOME TAX     DTAA     TP     MIXED BAG     LIBRARY    

TOG NEWS

MECON can play big role in 'Make in India' initiative: Steel Min
By TOG News Service
Oct 12, 2017

TOG News Service, NEW DELHI, OCT 12, 2017: In order to develop and expand Indian steel industries, the Union Steel Minister, Mr. Birender Singh, chaired a mid-year review meeting with top management of Metallurgical & Engineering Consultants (India) Limited (MECON), a PSU under Ministry of Steel. The meeting was held to remind MECON about its rich experience and expertise in the metallurgical engineering to enhance capacity utilization and product improvement by Steel PSUs.

The Union Minister siad that MECON can surely play a significant role in enhancing steel consumption in India by working on steel-intensive structures and exhibiting the advantages of using steel in buildings and other structures. With envisaged 300 Million tonne capacity of steel production by 2030, increasing steel exports is very crucial and the company must contribute to this end by application engineering and market development. In India, new aveneues for steel use like crash barriers, railway sleepers, food grain silos, electric poles, underpass structures must be explored without losing time. Setting up of coal washeries, pellet plants are some other areas where MECON can play a leading role in steering the development.

Mr. Singh added that the company must be in constant state of improvement and its physical and financial targets must be dynamic and in tune with the times. As a pioneering engineering consultancy firm of the country, MECON must think big to accomplish in short and long term. Diversification for topline improvement can be done but MECON must give due attention to its primary mandate of enabling growth of manufacturing, innovation and technology in India. MECON can play a big role in 'Make in India' initiative in collaboration with capital goods and machinery manufacturers and steel producers, specia lly in the secondary sector. As the Key Project Consultant for NMDC's Nagarnar Steel Plant, MECON must put in all efforts to commission the steel plant at the earliest. The company must develop and market new and latest technologies and market them in a professional manner.

The company must keep itself update with latest technologies and developments. The company must play a proactive role in solving technological challenges specific to the country and facilitate optimal use of raw materials and import substitution, the Minister added.