SC Dismisses Revenue Appeal as Assessment Based on Guesswork Without Proof

ACIT Vs Mahamaya Steel Industries Ltd. (Supreme Court of India) The matter arose from an appeal under Section 260A of the Income Tax Act, 1961, concerning 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 account of alleged suppression of yield and unaccounted production and sales. The assessee, engaged in manufacturing steel products, was subjected to search and seizure proceedings, following which an assessment was completed under Section 153A read with Section 143(3) for the assessment year 2013–...