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Chartered Accountant Penalised for Accepting Audit Without Prior Communication and Signing Audit Report Before Valid Appointment: Manoj Kumar Jain vs. CA Nishant Agarwal (ICAI Board of Discipline)
Facts of the
CaseThe complainant, CA Manoj Kumar Jain, proprietor of
M/s Manoj Santosh & Co., was appointed as statutory auditor of M/s Fortune
Machines Private Limited for a continuous period from 01.04.2015 to 3...
Chartered Accountant Exonerated for Social Media Post on Revised Code of Ethics: Freedom of Professional Expression Recognised – In Re: CA Manmohan Khemka (ICAI Board of Discipline)
Facts of the
CaseA reference was received by the Institute of
Chartered Accountants of India from its Legal Section alleging that CA Manmohan
Khemka, New Delhi, had disseminated misleading information through a Facebo...
Allegations of Forged Signatures on Forensic Audit Reports Rejected for Lack of Corroborative Evidence: Jayesh Vasantlal Shah vs. CA Jaleshwar Singh (ICAI Board of Discipline)
Facts of the
CaseThe complainant, CA Jayesh Vasantlal Shah, was a
partner in the respondent’s firm, M/s J Singh & Associates, while the
respondent, CA Jaleshwar Singh, was the Managing Partner holding 80% profit...
Complaint Dismissed for Lack of Locus Standi and Absence of Evidence of Audit Misconduct: Bhaven Shah vs. CA Bharat Babubhai Shroff (ICAI Board of Discipline)
Facts of the
CaseThe complainant, CA Bhaven Shah, Director of M/s
Modern Products Private Limited, filed a complaint against the respondent, CA
Bharat Babubhai Shroff, who was the statutory auditor of M/s NAK Engineer...
Analysis of ICAI Board of Discipline Order in Shri Sudip Roy (CBI) vs. CA Gopal Pitti, examining facts, allegations, evidentiary findings, misconduct under Item (2) Part IV First Schedule, and final disciplinary action of reprimand
Facts of the CaseThe present disciplinary
proceedings arose from a complaint filed by Shri Sudip Roy, Superintendent of
Police and Head of Branch, Central Bureau of Investigation, Economic Offence
Wing, Kolkata, again...
ICAI Board of Discipline Order BOD-287/2017: Vinod K. Kala vs. CA Munish Mehta – Professional Misconduct, High Court Intervention and Final Disciplinary Penalty
Facts of the CaseThe disciplinary proceedings arose
from a complaint filed by Shri Vinod K. Kala against CA Munish Mehta, a
practicing Chartered Accountant and partner of a Chartered Accountancy firm at
New Delhi.The ...
ITAT Ahmedabad in Jentibhai Shambhubhai Prajapati v. ACIT Holds Section 150(1) Cannot Revive Time-Barred Assessments Quashed under Section 153C — Jurisdictional Defects Are Incurable
Facts of the CaseThe assessee was subjected to
assessment proceedings under section 153C read with section 144 of the
Income-tax Act, 1961 for Assessment Years 2011-12 to 2014-15 and 2016-17,
pursuant to a search cond...
Addition under Section 68 on Share Capital and Premium Deleted Where Identity, Creditworthiness and Genuineness Established: Goldmoon Exports Pvt. Ltd. vs. ITO, Ward-6(2), Kolkata (ITAT)
Facts of the CaseThe
assessee, Goldmoon Exports Pvt. Ltd., filed its return of income for Assessment
Year 2012-13 on 30.09.2012 declaring total income of ₹12,963. The return was
processed under Section 143(1) and th...
Foreign Tax Credit Cannot Be Denied for Delayed Filing of Form 67: DTAA Benefits Override Procedural Lapses – Vaibhav Das Mundhra vs. ADIT, CPC, Bengaluru (ITAT Kolkata)
Facts of the CaseThe assessee, an individual resident and ordinarily resident in India,
was employed with a Singapore-based company and earned salary income taxable
both in India and Singapore during Assessment Year 20...
Addition Deleted for Clerical Error in Tax Audit Report: CPC Adjustment under Section 143(1) Set Aside – Concord Fortune Minerals India Pvt. Ltd. vs. ACIT, Circle-11(1), Kolkata (ITAT)
Facts of the CaseThe
assessee, Concord Fortune Minerals India Pvt. Ltd., filed its return of income
for Assessment Year 2017-18 on 29.11.2017 declaring total income of ₹18,74,280.
The assessee is engaged in the busi...