ASHWANI KUMAR MISHRA,J. - (1.) Aggrieved by an order of the Tribunal dated 21st February, 2006 in Second Appeal No.247 of 2001, these two revisions have been preferred both by the assessee and the revenue. The proceeding relates to assessment year 1997-98 (U.P.). The order of the Tribunal records that the assessee was found transporting silver to the tune of Rs. 5,41,200/- which was not reflected in the books of account. The product was seized and later released upon desposit of security. The turn over of the assessee has therefore been enhanced from Rs. 11,20,540/- as disclosed by the assessee to Rs. 36,8000/-. To the extent of enhancement the assessee is aggrieved and preferred Revision No. 244 of 2006. The Tribunal on the silver seized has imposed liability of tax at the rate of 2%. According to the revenue, the silver was to be used for making of silver foil which would attract liability of tax at the rate of 6% and, therefore, the liability determined by the Tribunal is alleged to be erroneous. The revenue is thus aggrieved and has also filed a revision.
(2.) I have heard Sri Krishna Agarwal appearing for the assessee, Sri A.C. Tripathi, learned Standing Counsel for the Revenue and have examined the materials brought on record.
(3.) It is admitted on record that the assessee was transporting silver which attracts liability at the rate of 2%. The mere fact that this silver is to be used for preparation of silver foil would not be a relevant consideration. The Tribunal therefore is justified in imposing liability of tax at the rate of 2% and the revision of revenue fails.;