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National Financial Reporting Authority (NFRA) vs CA Anil Chauhan & Associates | ₹20 Lakh Penalty and 10-Year Debarment for Non-Cooperation, Failure to Maintain Audit Files and Professional Misconduct under Section 132(4) of the Companies Act, 2013
Facts of the CaseThe National Financial Reporting Authority
initiated an investigation into the professional conduct of the statutory
auditors of Seya Industries Limited (SIL) for Financial Years 2018-19
and 2019-20.T...
Commissioner of Income Tax XIII v. Radhey Shyam Bansal | Delhi High Court on Mandatory Satisfaction under Section 158BD Before Initiating Block Assessment Proceedings
Facts of the CaseA search and seizure operation under Section 132 of
the Income-tax Act was conducted in the case of Manoj Aggarwal. During the
course of the search, certain materials were allegedly found indicat...
CA M. Vaman Kamath vs National Financial Reporting Authority (NFRA): Corrigendum Clarifying Findings on Professional Conduct Under Section 132(4) of the Companies Act, 2013
Facts of the
CaseThe National Financial Reporting Authority (NFRA)
issued Order No. 41/2023 dated 29 September 2023 in the matter concerning CA M.
Vaman Kamath, ICAI Membership No. 023992, under Section 132(4) of the ...
Commissioner of Income Tax vs. Shri Mukesh Luthra | Addition in Regular Assessment for Dummy Concern Discovered During Assessment Proceedings – Delhi High Court
Facts of the
Case
A search operation was conducted on 30.08.2001 in the case of Shri
Mukesh Luthra.
The assessee was a Director and major shareholder of a company
engaged in healthcare and wellness busin...
Commissioner of Income Tax v. Sunil Jain (2011) – Delhi HC on Mandatory Satisfaction Requirement under Section 158BD of the Income-tax Act
Facts of the CaseA search under Section 132 of the Income-tax Act
was conducted in the case of Manoj Aggarwal on 30 August 2000. During the
course of the search, various documents and materials were seized.The assessme...
Commissioner of Income Tax v. BSES Rajdhani Power Ltd. | Delhi High Court | Depreciation @ 60% on Computer Peripherals and Accessories as Part of Computer System under Section 32 of the Income-tax Act
Facts of the Case
The
Commissioner of Income Tax filed an appeal under Section 260A of the
Income-tax Act, 1961 against the order of the Income Tax Appellate
Tribunal (ITAT).
The
appeal arose ...
Mitsubishi Corporation vs Commissioner of Income Tax & Another (Delhi High Court) – Whether Employer-Paid Tax Forms Part of Gross Salary for Rent-Free Accommodation Perquisite and Scope of Rectification under Section 154 of the Income Tax Act
Facts of the
CaseMitsubishi Corporation, a non-resident company
incorporated in Japan, maintained a liaison office in New Delhi and employed
both Indian and Japanese personnel. During the relevant assessment years
19...
Commissioner of Income Tax v. Smt. Badami Devi Bafna & Connected Cases (Delhi High Court) – Mandatory Recording of Satisfaction Under Section 158BD Before Initiating Proceedings Against Third Parties
Facts of the CaseA search and seizure operation under Section 132 of
the Income Tax Act was conducted at the premises of Manoj Aggarwal. During the
search, various documents and materials were seized. Subsequently, the...
CA Ratan Laxminarayan Rathi v. National Financial Reporting Authority (NFRA) | Professional Misconduct in Statutory Audit of Bilcare Limited | Penalty and Debarment Order
Facts of the Case
Bilcare Limited was a listed company and therefore fell within the
jurisdiction of NFRA.
The company partially recognized interest costs on bank borrowings
classified as NPAs during FY ...
Ashok Chaddha vs Income Tax Officer (Delhi High Court) – Addition under Section 69A for Jewellery Found During Search Deleted; Streedhan and Long-Term Family Holdings Cannot Be Treated as Unexplained Income Without Evidence
Facts of the
CaseA search and seizure operation under Section 132(1)
of the Income-tax Act was conducted in the case of the Dilbagh Rai Group on 1
September 2005 and 28 September 2005. The search covered the residenti...