ACIT, CENTRAL CIRCLE-II, LUCKNOW, LUCKNOW vs. RAKESH KUMAR PANDEY, GONDA U.P.

In the result, the outcome of the appeals and Cross Objections are as under:

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

depreciation of Rs. 14,99,267/- has already been disallowed, the net profit rate of 11% applied by the Assessing Officer is too high when appellant has shown comparatively higher profit margin of 10.13% and 9.68% in subsequent years i.e. A.Y. 2021-22 and A.Y. 2022- 23 to cover up the deficiencies of unproved sundry creditors/remission of liabilities found during

RAKESH KUMAR PANDEY,GONDA vs. DCIT/ACIT(CENTRAL)-2, LUCKNOW

depreciation of Rs.14,99,267/- has already been\ndisallowed, the net profit rate of 11% applied by the Assessing Officer is\ntoo high when appellant has shown comparatively higher profit margin of\n10.13% and 9.68% in subsequent years i.e. A.Y. 2021-22 and A.Y. 2022-\n23 to cover up the deficiencies of unproved sundry creditors/remission of\nliabilities found during search