9911796707
TMI Blog2012 (9) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... a JUDGEMENT Per : M S Sanklecha, J : This appeal by the revenue under section 260A of the Income Tax Act, 1961 (hereinafter referred to as the "said Act") seeks to challenge the order dated 28th January, 2000 of the Income Tax Appellate Tribunal (hereinafter referred to as the "ITAT" ) relating to Assessment Year 1986-87. This appeal was admitted on 27th June, 2005 by this court on the followi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the similar line of business? 3. Whether on the facts and in the circumstances of the case and in law, the ITAT was justified in deleting the addition of Rs.21,08,457/- without bringing on record details and documentary evidences to show that the condition of the ships broken by the assessee justified the generation of scrap at 0.81% only? 2. Brief facts leading to this appeal are as under: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al as determined by him had been sold generating an income of Rs.21.08 lacs which had not been disclosed. This amount of Rs.21.08 lacs was added to the respondent-assessee's income as income from undisclosed sources. b) The Commissioner of Income Tax (Appeals) by an order dated 3rd August, 1990, upheld the order of the Assessing officer. c) The ITAT by its order dated 20th January,2000 allowed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... course of ship breaking by the respondent assessee was correct. It is pertinent to note that 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. It is important to note that between 0.90% to 1.40% of non ferrous scrap being generated out of the total scrap on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 007 dated 29th July, 2011 held that the CBDT Circular No.2/2011 issued on 9th February 2011 directing the Revenue not to file appeals under Section 260A in cases where the tax effect is less than Rs.10/- lacs. The said circular has retrospective effect and would also apply in respect of pending appeals. Consequently, the appeal would also not be entertained on the ground that the tax effect is les ..... X X X X Extracts X X X X X X X X Extracts X X X X
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