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 Construction. AO rejected books u/s 145(3) mainly relying on: General remarks of tax auditor in Form 3CB Statement u/s 132(4) ...