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National Financial Reporting Authority (NFRA) vs CA P. Poovalingam (Partner, J. Singh & Associates) | DHFL Branch Audit Case | Invalid Appointment of Branch Auditor, Professional Misconduct & Violation of Auditing Standards
Facts of the CaseDewan Housing Finance Corporation Limited (DHFL), a
housing finance company listed on the National Stock Exchange (NSE) and Bombay
Stock Exchange (BSE), was allegedly involved in large-scale financial
...
Reassessment under Sections 147/148 Despite Prior Orders under Sections 195(2) and 197 of the Income-tax Act, 1961 – AREVA T&D SA v. Assistant Director of Income Tax
Facts of the CaseThe petitioner, Union of India, challenged the
respondent Sanjay Kumar’s claim for a promotion under the applicable service
rules. The respondent had alleged non-compliance with prescribed promotion
...
Commissioner of Income Tax, Delhi-XI, New Delhi vs. Shri Sunil Chopra (2011) – Deemed Dividend under Section 2(22)(e) of the Income Tax Act – Business Advances, Share Application Money and Colourable Transactions
Facts of the CaseThe assessee, Shri Sunil Chopra, filed his return
of income for Assessment Year 2005-06 declaring income from property brokerage
business and other sources. During assessment proceedings, the Assessing...
National Financial Reporting Authority (NFRA) vs. CA Nilesh Shah: Professional Misconduct for Accepting Invalid Branch Audit Appointment and Non-Compliance with Auditing Standards in DHFL Branch Audits
Facts of the CaseThe National Financial Reporting Authority (NFRA)
initiated an investigation into the professional conduct of CA Nilesh Shah, who
acted as the Engagement Partner (EP) for the statutory audit of thirtee...
Commissioner of Income Tax vs Ankitech Pvt. Ltd. & Connected Appeals – Deemed Dividend under Section 2(22)(e) Taxable Only in Hands of Shareholder | Delhi High Court
Facts of the Case
Various closely held companies advanced loans or provided financial
accommodations to concerns in which common shareholders had substantial
interest.
In the lead case, Jackson Generators...
Commissioner of Income Tax vs. Ankitech Pvt. Ltd. | Delhi High Court on Taxability of Deemed Dividend under Section 2(22)(e) in the Hands of Non-Shareholder Concern
Facts of the Case
The assessee company received advances/loans from another closely
held company.
Certain individuals held substantial shareholding in both the
lending company and the recipient concern.
...
Commissioner of Income Tax vs Ankitech Pvt. Ltd. | Landmark Delhi High Court Ruling on Deemed Dividend Under Section 2(22)(e) of the Income Tax Act
Facts of the
CaseThe present batch of appeals involved a common
question regarding the interpretation of Section 2(22)(e) of the Income Tax
Act, 1961 dealing with deemed dividend. The lead matter concerned Ankitech Pv...
Commissioner of Income Tax XVI vs Sh. Fumio Goto & Connected Matters – Applicability of Section 10(10CC), Section 17(2), and Section 40 of the Income Tax Act, 1961
Facts
of the Case:The
batch of appeals involved multiple foreign nationals deputed to work in India
for Indian subsidiaries of their foreign employers. The core issues concerned
the tax treatment of:
Employer-paid ...
Commissioner of Income Tax v. Ankitech Pvt. Ltd. & Connected Matters | Delhi High Court on Taxability of Deemed Dividend under Section 2(22)(e) of the Income Tax Act
Facts of the Case
The assessees in the batch of appeals were companies or concerns
which had received loans, advances, or financial accommodations from
closely-held companies.
The lending companies po...
Commissioner of Income Tax v. Ankitech Pvt. Ltd. & Connected Matters | Delhi High Court on Taxability of Deemed Dividend under Section 2(22)(e) of the Income Tax Act
Facts of the Case
The assessees in the batch of appeals were companies or concerns
which had received loans, advances, or financial accommodations from
closely-held companies.
The lending companies posses...