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Comprehensive Precautions to be Taken by Chartered Accountants and CA Firms, Learning from Recent NFRA Orders, ICAI Disciplinary Cases, and Regulatory Actions
Comprehensive Precautions to be
Taken by Chartered Accountants and CA FirmsLearning from Recent NFRA
Orders, ICAI Disciplinary Cases, and Regulatory ActionsThe recent disciplinary orders
passed by the National Financi...
National Financial Reporting Authority (NFRA) vs CA Sanjay Soni | Professional Misconduct in DHFL Branch Audit Matter | Invalid Auditor Appointment and Violations of Standards on Auditing
Facts of the CaseThe National Financial Reporting Authority (NFRA)
initiated an investigation into the professional conduct of CA Sanjay Soni,
Engagement Partner of M/s Lahoti Navneet & Co., who acted as the branch...
Commissioner of Income Tax vs Tulip Star Hotels Ltd.: Analysis under Sections 36(1)(vii) & 35D of the Income Tax Act
Facts of the Case:
The
assessee, Tulip Star Hotels Ltd., a Non-Banking Financial Company
(NBFC), placed fixed deposits with Citibank and extended guarantees for
loans to Fairmark, a company co-promote...
CA Ramesh Chaturvedi vs National Financial Reporting Authority (NFRA): DHFL Branch Audit Case on Invalid Auditor Appointment, Violations of Standards on Auditing and Professional Misconduct under Companies Act, 2013
Facts of the CaseThe National Financial Reporting Authority (NFRA)
conducted an investigation into the professional conduct of CA Ramesh
Chaturvedi, who acted as the Engagement Partner (EP) and signed the Independent
...
Commissioner of Income Tax vs Vipin Gupta – Disallowance of Income and Verification of Claimed Expenditure under Section 148, Income Tax Act
Facts of the Case
Assessee
Vipin Gupta received a reassessment notice under Section 148 of the
Income Tax Act for AY 1995-96 based on documents seized from Fena Ltd.
The
Assessing Officer (AO...
National Financial Reporting Authority (NFRA) vs CA P Rabi Kumar Patra | Invalid Branch Auditor Appointment, Audit Documentation Failures and Professional Misconduct in DHFL Branch Audit Matter
Facts of the CaseThe matter arose from NFRA's investigation into the
professional conduct of CA P Rabi Kumar Patra, Engagement Partner of M/s ABPS
& Associates, who conducted statutory branch audits of three branch...
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...