No Addition if Assessment Based on Mere Guesswork & Suspicion: Chhattisgarh HC

ACIT Vs Mahamaya Steel Industries Ltd. (Chhattisgarh High Court) The appeal was filed under Section 260A of the Income Tax Act, 1961, raising the question of whether the Income Tax Appellate Tribunal (ITAT) was justified in deleting an addition of ₹19,09,67,165 made by the Assessing Officer (AO) on the ground of alleged suppressed yield and unaccounted production and sales. The assessee, engaged in manufacturing steel products, was subjected to search and seizure proceedings, and an assessment order was passed under Section 153A read with Section 143(3) for the assessment year 2013–14. The...