AI Structured Summary
Not yet generated for this judgment
Judgment
This assessee’s appeal for Assessment Year 2022-23 arises against the C IT(A)/NFAC, De lhi’ s DIN & order No. ITBA/NFAC/S/250/2025-26/1081622510(1) dated 10.10.2025, in proceedings u/s 147 r.w.s. 144 of the Income Tax Act, 1961 (in short “the Act”).
Heard both the p arties at length. Case file perused.
It transpires dur ing the course of hearing that the sole substantive issue between the parties is that of correctness of both the lower authorities’ action assessing/estimating the assessee’s NP in timber busine ss etc. @20 % than that @ 6.17% declared in his computation.
That being the only issue, le arned counsel has invited the tribunal’s attention to the asse ssee’s profit rate(s) ranging between 3.94 % to 5.33 % in the succeeding thre e assessment years as per his audited books. Faced with this situation and in the larger intere st o f justice, it is deemed appropriate that a lump sum NP e stimation @7% in the assessee’s case would be just and proper with a rider that the same shall not be treated as a precedent. Necessary co mputation shall follow as per law.
This assessee’s appeal is partly allowed.
Order Pronounced in the Open Court o n 29/01/2026.