Cost accounting records requirement: companies in mining and metallurgy must maintain prescribed detailed cost records and proformae for audit and compliance. Companies engaged in mining, production, processing or manufacture of specified metals, non metals, minerals, ores and alloys must maintain detailed cost accounting records and Proformae A-F each financial year to calculate cost of mining, production and sales. Records must cover materials, process chemicals, by products, consumable stores, labour and overheads, utilities, workshop and repair costs, depreciation, royalties, R&D, scrap and melting losses, export and packing expenses, and enable reconciliation with financial accounts and reporting to the Cost Auditor; limited exemptions and penalties for non compliance are specified.
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Provisions expressly mentioned in the judgment/order text.
Cost accounting records requirement: companies in mining and metallurgy must maintain prescribed detailed cost records and proformae for audit and compliance.
Companies engaged in mining, production, processing or manufacture of specified metals, non metals, minerals, ores and alloys must maintain detailed cost accounting records and Proformae A-F each financial year to calculate cost of mining, production and sales. Records must cover materials, process chemicals, by products, consumable stores, labour and overheads, utilities, workshop and repair costs, depreciation, royalties, R&D, scrap and melting losses, export and packing expenses, and enable reconciliation with financial accounts and reporting to the Cost Auditor; limited exemptions and penalties for non compliance are specified.
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