Bogus Sub-Contractor Additions Deleted; 132(4) Statements Insufficient

S. R. Constructions Vs DCIT (ITAT Bangalore) Search-Based Additions Cannot Rest Solely on 132(4) Statements—ITAT Deletes Bogus Sub-Contractor Additions; Affidavits, RA Bills & Unrebutted Evidence Prevail The appeals filed by S.R. Constructions and the cross-appeals by the Revenue arose from assessments completed u/s 153A pursuant to a search conducted on 23-11-2016 at the Ananthapur & Bangalore offices. The AO treated substantial payments to 27 sub-contractors as bogus expenditure, relying almost entirely on statements recorded u/s 132(4), the presence of certain signed/unsigned cheq...