2012 (9) TMI 65

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....u Choudhari i/by K Gopal & P K Parida 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 27t....

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....el and Mines and was backed by cases engaged 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. B....

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....g Officer concluded that the excess non ferrous metal 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) ....

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....ing attributed to non ferrous scrap generated during the 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 ....