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Commissioner of Income Tax Delhi-IV vs HLS India Ltd. (2011) – Industrial Undertaking, Section 32A & 80-IA/80-IB, Depreciation Claim on Wireline Logging Equipment
Facts of the Case:
Assessee:
M/s HLS India Ltd. (now HLS Asia Ltd.), an oilfield
services company providing petro-physical and completion solutions.
Revenue:
Commissioner of Income Tax, Delhi-IV.
...
National Financial Reporting Authority (NFRA) vs CA Aabhas Tiwari (DHFL Branch Audit Case) | Professional Misconduct for Accepting Invalid Audit Appointment and Non-Compliance with Auditing Standards
Facts of the CaseThe National Financial Reporting Authority (NFRA)
conducted an investigation into the professional conduct of CA Aabhas Tiwari,
who acted as the Engagement Partner for the statutory audit of six branch...
National Financial Reporting Authority (NFRA) vs M/s Ashok Holani & Co. and CA Rahul Jangir Professional Misconduct in Statutory Audit of Lehar Granito India Limited (FY 2017-18 to FY 2019-20) – Penalty and Debarment Order
Facts of the
CaseThe National Financial Reporting Authority (NFRA)
initiated an investigation into the professional conduct of M/s Ashok Holani
& Co., Chartered Accountants, and CA Rahul Jangir, Engagement Partner...
Commissioner of Income Tax vs Ashok Kumar Arora – Delhi High Court (ITA No. 713 of 2010) I Section 132 – Search and seizure under Income Tax Act, 1961
Facts of the Case:The appeal concerns the deletion of certain additions made
by the Assessing Officer (AO) in the taxpayer's assessment. The AO had relied
on unproduced books of account and documents recovered during s...
Sunil Sharma vs Income Tax Officer – Belated Notice under Section 143(2) & 142(1) of the Income Tax Act, 1961
Facts of the Case
The
Tribunal had set aside an assessment on the ground that the notice under
Section 143(2) of the Income Tax Act was served belatedly, beyond the
prescribed one-year limitation.
U...
National Financial Reporting Authority (NFRA) vs CA Nilesh Chheda (Engagement Partner, MAN Industries India Ltd.) | Audit Failure, Non-Consolidation of Subsidiary, SA Violations and 5-Year Debarment under Section 132(4) of Companies Act, 2013
Facts of the Case
MAN Industries (India) Limited is a listed company engaged in
manufacturing and export of large diameter carbon steel line pipes.
M/s Rohira Mehta & Associates (presently RMA & Co.) a...
CIT vs. A.K. Steel Pvt. Ltd.: Delhi High Court ITA No. 902/2009 Analysis – Section 143(3), Income Tax Act Matters
Facts of the Case:
The petitioner, CIT, challenged the order of the Income Tax Appellate
Tribunal (ITAT) concerning the assessment year 2005-06 for A.K. Steel Pvt.
Ltd. The dispute revolves around the alleged concealm...
National Financial Reporting Authority (NFRA) vs. CA Amit Vinay Chaturvedi (Engagement Quality Control Review Partner) – DHFL Audit FY 2017-18 | Professional Misconduct under Sections 132(4) & 143 of the Companies Act, 2013
Facts of the Case
DHFL was a listed public company engaged in housing finance
activities and was listed on both BSE and NSE.
During January 2019, media reports alleged diversion of public
funds amounting ...
Akshya Kumar vs. Income Tax Department – Delhi High Court ITA 875/2008, Penalty Dispute under Income Tax Act
Facts of the CaseThe petitioner, Akshya Kumar, challenged the imposition of a
penalty by the Income Tax Department under the provisions of the Income Tax
Act. The dispute arose in the context of ITA 875/2008, where the...
Sharma vs State of Delhi: Analysis under Section 138 Negotiable Instruments Act – Key Case Law and Court Findings
Facts of the Case:In this matter, the petitioner, Sharma, filed a
complaint against the respondent, State of Delhi, under Section 138
of the Negotiable Instruments Act, 1881, alleging dishonor of cheque issued
for a l...