Addition merely based on electricity consumption formula not sustainable

ACIT Vs Gajalaxmi Steel Pvt. Ltd. (ITAT Pune) There is no dispute on the fact that the Assessing Officer made addition based on the estimation with reference to the consumption of electricity. the Assessing Officer had made the addition of Rs 7,65,23,877 on the basis of wrong presumption/ assumptions. I find it quite baffling that the A.O. had levelled the allegation of unrecorded sales against the appellant company on the basis of some mathematical exercise without any corroborative evidence on record. This allegation of the A.O. has remained unsubstantiated and it is nothing more than a swee...