ITAT Limits Bogus Purchase Disallowance to 6%; Section 153C Jurisdiction Unresolved

LS Contractors Pvt. Ltd. Vs DCIT (ITAT Delhi) Bogus purchase addition scaled down; E-way-bill purchases accepted as genuine; only 6% profit element sustained on remaining purchases; jurisdictional 153C grounds kept open These two appeals by LS Contractors Pvt. Ltd. related to additions made u/s 153C treating purchases of cement & steel as bogus based on a search on Sanjay Jain group, who allegedly operated entities providing accommodation entries. AO relied on statements recorded during search & held that purchases from five concerns controlled by Sanjay Jain were bogus. CIT(A) confirm...