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National Financial Reporting Authority (NFRA) vs M/s BSR & Associates LLP, CA Aravind Maiya & CA Amit Somani (Coffee Day Enterprises Limited Audit Matter)
Facts of the Case
Coffee Day Enterprises Limited (CDEL) is a listed company having
multiple subsidiaries engaged in coffee retail, exports, hospitality,
financial services, logistics, and technology busines...
CA Lavitha Shetty vs National Financial Reporting Authority (NFRA): Penalty for Incomplete Disclosure of Related Party Revenue During NFRA Proceedings Under Section 132(4) of the Companies Act, 2013
Facts of the CaseThe proceedings arose from a Show Cause Notice dated
17.05.2024 issued to CA Lavitha Shetty, proprietor of M/s Lavitha &
Associates and Engagement Partner for the statutory audit of Mysore Amalgama...
Commissioner of Income Tax v. Bharat Heavy Electricals Limited (BHEL) | Delhi High Court | Appeals Disposed for Want of COD Approval | ITA Nos. 278/2010, 312/2010, 798/2010, 800/2010, 803/2010, 805/2010, 807/2010, 810/2010, 813/2010 & 814/2010
Facts of the CaseThe Commissioner of Income Tax filed a batch of income-tax
appeals before the Delhi High Court against Bharat Heavy Electricals Limited
(BHEL). During the hearing, counsel appearing for the Revenue inf...
NFRA vs CA Santosh Deshmukh – Audit Failure in Savaria Consumer Limited FY 2017-18 | Professional Misconduct under Section 132(4) of Companies Act, 2013
Facts of the CaseThe National Financial Reporting Authority (NFRA)
initiated proceedings against CA Santosh Deshmukh, Engagement Partner and
Statutory Auditor of Savaria Consumer Limited (SCL) for the Financial Year
2...
Commissioner of Income Tax vs. Bhushan Kumar – Validity of Reassessment Proceedings under Section 148 Based on DVO Report and Post-Assessment Reference
Facts of the Case
The
assessee had constructed property bearing No. 29, Sector-15A, Noida.
Original
assessments were completed under Section 143(3) of the Income-tax Act.
Subsequently,
the Assessi...
NFRA vs M/s Venkatesh & Co. & Ors. (Coffee Day Enterprises Ltd. Audit Matter) | Failure to Detect and Report ₹3,512 Crore Fund Diversion to Promoter Entity
Facts of the CaseCoffee Day Enterprises Limited (CDEL), a listed
company, came under scrutiny after investigations revealed diversion of
substantial funds from its subsidiary companies to Mysore Amalgamated Coffee
Est...
National Financial Reporting Authority (NFRA) vs CA Chirag Doshi (Auditor of Ushdev International Limited) – ₹5 Lakh Penalty for Audit Failures, Non-Reporting of Fraud Indicators and Violations of Companies Act, 2013
Facts of the Case
Ushdev International Limited was a listed company engaged in
business operations involving substantial banking facilities.
The company entered insolvency proceedings under the Insolvency and
...
Commissioner of Income Tax vs. Smt. Seema Tripathi & Shri Mithilesh Kumar Tripathi | Delhi High Court | Addition on Alleged Bogus Jewellery Sale Declared under VDIS 1997 Deleted Due to Evidence Establishing Genuine Transactions and Violation of Natural Justice
Facts of the CaseThe assessees, Smt. Seema Tripathi and Shri Mithilesh Kumar
Tripathi, had disclosed jewellery under the Voluntary Disclosure of Income
Scheme (VDIS), 1997 and paid the applicable taxes thereon. Subsequ...
Commissioner of Income Tax v. Smt. Seema Tripathi & Shri Mithilesh Kumar Tripathi (2010) – Alleged Bogus Jewellery Sale, VDIS Declaration, Reassessment under Sections 147/148 and Principles of Natural Justice | Delhi High Court
Facts of the Case
The
assessees, Smt. Seema Tripathi and Shri Mithilesh Kumar Tripathi,
disclosed long-term capital losses arising from the sale of jewellery in
their income tax returns for Assessment...
CA Chetan Desai & CA Rakesh Rathi vs National Financial Reporting Authority (NFRA) | NFRA Order on Audit Lapses in D B Realty Limited (FY 2015-16)
Facts of the CaseThe Securities and Exchange Board of India (SEBI)
informed NFRA regarding alleged misstatements in the financial statements of D
B Realty Limited (DBRL) for FY 2015-16. Based on the information receive...