2008 (11) TMI 176

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..... fore, penalty was rightly levied which got confirmed in appeal. - 8 of 1999 - - - Dated:- 26-11-2008 - C. N. RAMACHANDRAN NAIR and HARUN-UL-RASHID JJ. C. Kochunny Nair and Dale P. Kurien for the assessee. P. K. R. Menon and George K. George for the Commissioner. JUDGMENT The judgment of the court was delivered by C. N. RAMACHANDRAN NAIR J. - In the reference at the instance o .....

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..... nd gross profit addition of Rs.11,21,066/-. In fact, search was carried out in the premises of the assessee and books of accounts and other documents were seized. Statutory audit was done under Section 142(2A) of the Income Tax Act. The Auditor brought out bogus purchases accounted by the assessee to the extent of Rs.1,11,193/- which represents proforma invoices not representing any actual purchas .....

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