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M/s DLF Universal Ltd. vs Commissioner of Income Tax | Embezzlement Loss Allowability under Income Tax Act – Year of Deduction and Recoverability Test
Facts of the CaseThe assessee, M/s DLF Universal Ltd., claimed a loss of Rs.
2,08,774/- in its return for Assessment Year 1982-83 on account of embezzlement
committed by an employee posted at its Ahmedabad Branch.The A...
National Financial Reporting Authority (NFRA) vs. M/s Krishna Neeraj & Associates & CA Krishna Kr Neeraj – Professional Misconduct in Statutory Audit of CMI Limited under Section 132(4) of the Companies Act, 2013
Facts of the CaseNational Financial Reporting Authority (NFRA),
acting upon information received from the Securities and Exchange Board of
India (SEBI), initiated proceedings against M/s Krishna Neeraj & Associates...
Hive Communication Pvt. Ltd. vs Commissioner of Income Tax (Delhi High Court) – Disallowance of Director’s Remuneration under Section 40A(2) Cannot Be Made Without Proving Excessiveness or Unreasonableness
Facts of the CaseHive Communication Pvt. Ltd. was engaged in the
business of advertising and media.For Assessment Year 2005-06, the company filed its
return declaring total income of ₹19,67,165. During assessment pro...
Commissioner of Income Tax v. Vyom Financial Services Pvt. Ltd. & Connected Matters – Recording of Satisfaction under Section 158BD Mandatory Before Initiating Block Assessment Proceedings
Facts of the
CaseA search and seizure operation under Section 132
was conducted on Manoj Aggarwal and related premises. During the course of the
search, certain materials were allegedly found indicating that several p...
NFRA vs Dhiraj & Dheeraj, CA Piyush Patni & CA Pawan Kumar Gupta (Order No. 012/2024 dated 26.04.2024)
Facts of the
CaseThe National Financial Reporting Authority (NFRA)
examined the statutory audit conducted by M/s Dhiraj & Dheeraj, CA Piyush
Patni (Engagement Partner), and CA Pawan Kumar Gupta (Engagement Quality...
Commissioner of Income Tax v. Goldedge Estates and Investments Ltd. | Delhi High Court Clarifies 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
search, certain documents and materials were seized. On the basis of those
m...
Commissioner of Income Tax-IV vs. FX Info Technologies Pvt. Ltd. (2011) – Commission Received on Transfer of Distribution Rights Held as Business Income Eligible for Set-Off of Brought Forward Business Losses | Delhi High Court
Facts of the CaseFX Info Technologies Pvt. Ltd. was engaged in the
business of distribution of Acer products, including computers, laptops and
desktops, on behalf of Acer India Pvt. Ltd. The company carried on this
di...
M/s Dhiraj & Dheeraj, CA Piyush Patni & CA Pawan Kumar Gupta vs National Financial Reporting Authority (NFRA) – Errata Correcting Resignation Date in NFRA Order No. 012/2024
Facts of the CaseThe National Financial Reporting Authority issued
an Errata on 29.04.2024 concerning NFRA Order No. 012/2024 dated 26.04.2024 in
the matter of:
M/s Dhiraj & Dheeraj (Firm Registration No. 102454W...
Commissioner of Income Tax v. Vyom Financial Services Pvt. Ltd. & Connected Assessees (Delhi High Court) – Satisfaction Note under Section 158BD is Mandatory for Block Assessment Proceedings
Facts of the Case
A search under Section 132 of the Income-tax Act was conducted in
the case of a searched person.
During the search, various documents and records were seized.
The Assessing Officer handling ...
Commissioner of Income Tax vs. Mr. Fedders Lloyd Corporation (P) Ltd. [2010] 2010:DHC:4330-DB (Delhi High Court) – Investment Allowance on Air Conditioners and Refrigerators Cannot Be Withdrawn Through Section 154 Rectification Proceedings
Facts of the Case
The
assessee company was engaged in the manufacture of air conditioners and
refrigerators.
For
Assessment Year 1980-81, the assessee claimed investment allowance under
Sectio...