Decision affirms limited disallowance of bogus sub-contract expenses (12.5%); s.153C inapplicable; s.153B limitation noted; ss.69A/69C and s.115BBE deleted; s.80IA(4) allowed

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....The ITAT affirmed that incriminating material was found during searches of the assessee and its sub-contractors, permitting disallowance of bogus sub-contract expenses, but restricted the quantum to 12.5% of such purchase expenses. The Tribunal held s.153C inapplicable as the assessee was itself searched under s.153A and material seized from others was admissible in the s.153A assessment; denial of cross-examination of third-party witnesses was not fatal where independent corroborative evidence existed. Invocation of ss.69A, 69C and s.115BBE was deleted and s.80IA(4) deduction was allowed as claimed. Disallowance of ESOP and s.35D deductions were deleted. Assessment was held barred by limitation under s.153B.....