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Profit Capped at 7% Because Search Confession Could Not Be Applied to Past Years
Case Law Details
- Case Name
- Rakesh Kumar Pandey Vs ACIT (ITAT Lucknow)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Lucknow
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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 Construction.
AO rejected books u/s 145(3) mainly relying on:
General remarks of tax auditor in Form 3CB
Statement u/s 132(4) ...
Author Info
