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CA Shrenik Baid vs. National Financial Reporting Authority — Order under Section 132(4), Companies Act, 2013
Facts of the
Case
SCN & procedure: NFRA
issued an SCN (24 Jan 2020); CA filed writ proceedings in Delhi HC and
submitted interim/pro tem replies; NFRA proceeded after giving
opportunities to rep...
Van Oord ACZ India (P) Ltd. vs. Commissioner of Income Tax [2010:DHC:1511-DB] – Scope of Tax Deduction at Source under Section 195 and Disallowance under Section 40(a)(i) on Reimbursement to Non-Resident
Facts of the Case
The
assessee, Van Oord ACZ India (P) Ltd., was an Indian company and a wholly
owned subsidiary of Van Oord ACZ Marine Contractors BV, Netherlands
(VOAMC).
The
assessee was en...
National Financial Reporting Authority vs. CA Gulshan Jagdish Jham (ICAI Membership No. 408315) Order under Section 132(4) of the Companies Act, 2013
Facts of the
Case
A Show Cause Notice was issued to CA Gulshan Jagdish Jham
for his audit of Prabhu Steel Industries Limited (PSIL) for FY
2019–20.
PSIL, listed on BSE, failed to comply with Ind AS and...
Commissioner of Income Tax-III vs. Sutlej Industries Ltd. [2010:DHC:1500-DB] – Interest on Refund of Self-Assessment Tax under Section 244A(1)(b) of the Income Tax Act, 1961
Facts of the Case
The
assessee, Sutlej Industries Ltd., for Assessment Year 1998-99, had paid:
Tax
Deducted at Source (TDS),
Advance
Tax, and
Self-Assessment
Tax under Section 140...
National Financial Reporting Authority vs. CA Som Prakash Aggarwal (ICAI Membership No. 74813) Order under Section 132(4) of the Companies Act, 2013
Facts of the
Case
SEBI reported that Vikas WSP Limited (VWL) failed to
recognize interest expense on borrowings in FY 2019–20, overstating
profits.
VWL, listed on BSE and NSE, was required to comply wi...
Commissioner of Income Tax, Delhi-II vs. Leo Financial Services Ltd. [2010:DHC:1654-DB] – Scope of Revision under Section 263 in Dividend Stripping Cases and Payments Covered under Section 40A(2)(b)
Facts of the Case
The
assessee, Leo Financial Services Ltd., was assessed for Assessment Year
2001-02.
The
Commissioner of Income Tax passed a revision order under Section 263 of
the Income Ta...
National Financial Reporting Authority vs. CA Rajiv Bengali (ICAI Membership No. 043998) Order under Section 132(4) of the Companies Act, 2013
Facts of the
Case
Information was received from the Registrar of Companies, Mumbai,
regarding possible non-compliance with auditing standards by the statutory
auditor of Trilogic Digital Media Limited (TDM...
Brigadier Vivek Kashinath Chhatre vs Mahindra Holidays & Resorts India Ltd. (MHRIL) – NFRA Finds Deficiencies in Segment Reporting and Revenue Recognition under Ind AS 108 & Ind AS 115
Facts of the CaseBrigadier Vivek Kashinath Chhatre,
a member of Mahindra Holidays & Resorts India Limited (MHRIL), filed a
complaint alleging several irregularities in the functioning of MHRIL,
including accountin...
Commissioner of Income Tax vs. Bhartesh Jain [2010] 2010:DHC:1885-DB (Delhi High Court) – Penalty under Section 271(1)(c) Cannot Be Levied Merely on Change of Treatment of Loss or Bona Fide Explanation for Cash Credits under Section 68
Facts of the Case
The
assessee claimed certain losses as business losses.
The
Assessing Officer recharacterized the same as speculation losses.
The
Assessing Officer also made additions under Sect...
National Financial Reporting Authority (NFRA) vs CA Akash Goel – Professional Misconduct in DHFL Branch Audit Due to Invalid Appointment, Violation of Standards on Auditing and Failure to Exercise Due Diligence under the Companies Act, 2013
Facts of the
CaseDHFL, a listed housing finance company, was
allegedly involved in large-scale financial irregularities and fraud. During
NFRA’s Audit Quality Review of the statutory audit of DHFL for FY 2017-18, it...