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Additions for Unaccounted Sales Cannot Be Based on Mere Suspicion or Estimated Production Yield: SC
Case Law Details
- Case Name
- DCIT 2 Vs Mahamaya Steel Industries Limited (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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DCIT 2 Vs Mahamaya Steel Industries Limited (Supreme Court of India)
In the matter before the Supreme Court of India and the Chhattisgarh High Court, the dispute concerned an addition of ₹15,94,08,394 made by the Assessing Officer (AO) on account of alleged unaccounted production and sales based on estimated production yield in the assessee’s Steel Melting Shop (SMS) Division.
The assessee was engaged in manufacturing re-rolled steel products such as heavy steel structural, joist, and girder. A search and seizure operation was conducted on 21 June 2011, following which ass...
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