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Commissioner of Income Tax vs. Smt. Seema Tripathi & Shri Mithilesh Kumar Tripathi | Delhi High Court | Addition on Alleged Bogus Jewellery Sale Declared under VDIS 1997 Deleted Due to Evidence Establishing Genuine Transactions and Violation of Natural Justice
Facts of the CaseThe assessees, Smt. Seema Tripathi and Shri Mithilesh Kumar
Tripathi, had disclosed jewellery under the Voluntary Disclosure of Income
Scheme (VDIS), 1997 and paid the applicable taxes thereon. Subsequ...
Commissioner of Income Tax v. Smt. Seema Tripathi & Shri Mithilesh Kumar Tripathi (2010) – Alleged Bogus Jewellery Sale, VDIS Declaration, Reassessment under Sections 147/148 and Principles of Natural Justice | Delhi High Court
Facts of the Case
The
assessees, Smt. Seema Tripathi and Shri Mithilesh Kumar Tripathi,
disclosed long-term capital losses arising from the sale of jewellery in
their income tax returns for Assessment...
CA Chetan Desai & CA Rakesh Rathi vs National Financial Reporting Authority (NFRA) | NFRA Order on Audit Lapses in D B Realty Limited (FY 2015-16)
Facts of the CaseThe Securities and Exchange Board of India (SEBI)
informed NFRA regarding alleged misstatements in the financial statements of D
B Realty Limited (DBRL) for FY 2015-16. Based on the information receive...
Commissioner of Income Tax v. Bharat Heavy Electricals Limited (BHEL) | Delhi High Court Dismisses Revenue Appeals for Want of Committee on Disputes (COD) Approval
Facts of the
CaseThe Revenue/Income
Tax Department filed multiple income tax appeals against Bharat Heavy
Electricals Limited (BHEL) before the Delhi High Court. During the hearing,
counsel appearing for the Revenue ...
NFRA vs Deloitte Haskins & Sells LLP, CA A.B. Jani & CA Rakesh Sharma – Professional Misconduct in ZEEL Audit Regarding ₹200 Crore Fixed Deposit Transactions
Facts of the CaseZee Entertainment Enterprises Limited (ZEEL), a
listed media and entertainment company, reported a fixed deposit of ₹200 crore
with Yes Bank during FY 2018-19. The fixed deposit was prematurely close...
Commissioner of Income Tax vs. Exxon Mobil Lubricants Pvt. Ltd. (2010) 2010:DHC:4395-DB | Prior Period Expenses Allowable in Year of Crystallization of Liability under Section 37(1) of the Income Tax Act, 1961
Facts of the Case
The
assessee, Exxon Mobil Lubricants Pvt. Ltd., filed its return declaring a
loss of approximately ₹3.81 crores.
During
scrutiny assessment, the Assessing Officer observed that t...
NFRA Penalises Auditor for Failure to Report Fraud, Inadequate Audit Evidence and Non-Compliance with Standards on Auditing – Religare Finvest Limited Case In the matter of CA Neeraj Bansal (ICAI Membership No. 095960), Engagement Partner and Statutory Auditor of Religare Finvest Limited (RFL) for FY 2017-18 under Section 132(4) of the Companies Act, 2013.
Facts of the CaseThe National Financial Reporting Authority (NFRA) initiated
proceedings against CA Neeraj Bansal, Engagement Partner (EP) and Statutory
Auditor of Religare Finvest Limited (RFL) for FY 2017-18. The pro...
Commissioner of Income Tax vs. Napcon Turbo Chargers Ltd. | Business Expenditure Allowability During Temporary Suspension of Manufacturing Activity and Depreciation Claim on Plant & Machinery | Delhi High Court
Facts of the Case
Napcon
Turbo Chargers Ltd. was engaged in the business of manufacturing turbo
chargers.
Owing
to technical difficulties and lack of orders, the company could not
undertake ma...
Commissioner of Income Tax (CIT) vs. IFCI Ltd. & Connected Assessees – Taxability of Interest on Securities, Hire Purchase Charges and Finance Lease Rentals under the Interest Tax Act, 1974 | Delhi High Court
Facts of the CaseThe Revenue challenged the orders of the Income Tax Appellate
Tribunal (ITAT) whereby various additions made by the Assessing Officer under
the Interest Tax Act, 1974 were deleted.The disputed addition...
Commissioner of Income Tax v. Annu Kishore [2010:DHC:9962] (Delhi High Court) – Addition for Alleged Unexplained Investment in Land Cannot Be Sustained When DVO Valuation Accepted in Co-Owners' Cases
Facts of the CaseThe dispute arose from the assessment for Assessment Year
1999-2000. The assessee, Annu Kishore, was one of five co-purchasers of a
property. During assessment proceedings, the Assessing Officer made a...