Profit Capped at 7% Because Search Confession Could Not Be Applied to Past Years

Rakesh Kumar Pandey Vs ACIT (ITAT Lucknow)

7% Is Reasonable, 11% Is Wishful: ITAT Reins in Profit Estimation in Contractor’s Case- When Books Are Estimated, Disallowances Die: ITAT’s Clean Sweep in Search Assessment- Search Confession Can’t Rewrite Past: ITAT Caps NP at 7% & Deletes Pre-Search Additions

Issue 1: Estimation of Net Profit after Search (AY 2014-15 to AY 2020-21)

• Search u/s 132 conducted on 05.02.2022 in the case of proprietary concern M/s Alok Cons

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