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2012 (12) TMI 563 - ITAT PUNEProduction/process Loss – Assessee engaged in the business of manufacturing and supply of iron and steel - Assessee claimed burning loss on actual basis - AO restricted the burning loss @ 6% on basis that the proper records and quantitative details are not maintained regarding production of steel and loss are not with line of similar industries - Held that:- As the burning loss cannot be static and it varies from case to case and largely depends on the raw material used. Burning loss is very subjective phenomenon and it depends on various facts and circumstances and so this cannot be precedent for all industries engaged in the manufacturing steel and iron. Appeal decides in favour of assessee
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