Chhattisgarh HC Deletes Income Tax Addition as Estimated Yield Was Based on Guesswork

DCIT-2(1) Vs Mahamaya Steel Industries Ltd. (Chhattisgarh High Court) No Addition for Suppressed Production Without Evidence; Chhattisgarh HC Rejects Tax Addition Based on Arbitrary 89% Production Yield Estimate; Income Tax Addition Set Aside as AO Failed to Prove Unaccounted Sales; Chhattisgarh HC Upholds ITAT Order Deleting Addition for Alleged Low Production Yield; Rejection of Books Invalid Without Tangible Evidence; Chhattisgarh HC Says Tax Assessments Cannot Rest on Bare Suspicion; Estimated Yield Comparison With Other Units Insufficient for Tax Addition: Chhattisgarh HC The appeal befor...