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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...
Commissioner of Income Tax v. M/s Poddar Pigments Limited – Eligibility of Interest on Delayed Realisation of Sale Proceeds for Deduction under Section 80-IB and Scope of Reassessment Proceedings under the Income-tax Act, 1961 | Delhi High Court
Facts of the CaseThe Revenue filed an appeal before the Delhi High Court
against the order of the Income Tax Appellate Tribunal relating to Assessment
Year 2002-03.During reassessment proceedings, the Assessing Officer...
CA Akash Goel vs National Financial Reporting Authority (NFRA) | DHFL Branch Audit Misconduct Case under Section 132(4) of the Companies Act, 2013
Facts of the CaseDHFL, a listed housing finance company, was
allegedly involved in large-scale financial irregularities and fraud. NFRA
initiated a suo motu Audit Quality Review concerning the statutory audit of
DHFL ...
CA Ayna Tamton vs National Financial Reporting Authority (NFRA) – Correction in NFRA Order concerning Dewan Housing Finance Corporation Limited (DHFL) under Section 132(4) of the Companies Act, 2013
Facts of the CaseNFRA observed clerical and
nomenclature-related inaccuracies in the description and certain paragraphs of
its disciplinary orders issued against Chartered Accountants Akash Goel and
Ayna Tamton.To rem...
CA Sam Varghese vs National Financial Reporting Authority (NFRA) | Invalid Branch Auditor Appointment, Professional Misconduct under Section 132(4) of Companies Act, 2013 in DHFL Branch Audit Matter
Facts of the
Case
DHFL was a listed housing finance company operating through
multiple branches across India.
NFRA initiated an Audit Quality Review of DHFL's statutory audit
for FY 2017-18 after allega...