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2012 (9) TMI 65 - BOMBAY HIGH COURTAddition income from sale of scarp on ship breaking - revenue appeal against ITAT as ships broken by the assessee justified the generation of scrap at 0.81% only? - Held that:- 0.81 % of the total recovery being attributed to non ferrous scrap generated during the course of ship breaking by the respondent assessee was correct as the respondent assessee had maintained excise record and its books were audited and the department does not challenge the purchases and sales reflected in the respondent's books of accounts - as between 0.90% to 1.40% of non ferrous scrap being generated out of the total scrap on the activity of ship breaking has been accepted by the department upto the Assessment Year 1990- 91. Appeal of revenue is also cannot be accepted as the tax effect in the present appeal would be only Rs.5.69 lacs & the Revenue cannot to file appeals under Section 260A in cases where the tax effect is less than Rs.10/- lacs - in favour of assessee.
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