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Complaint Dismissed for Lack of Locus Standi and Absence of Evidence of Audit Misconduct: Bhaven Shah vs. CA Bharat Babubhai Shroff (ICAI Board of Discipline)
Facts of the
CaseThe complainant, CA Bhaven Shah, Director of M/s
Modern Products Private Limited, filed a complaint against the respondent, CA
Bharat Babubhai Shroff, who was the statutory auditor of M/s NAK Engineer...
Analysis of ICAI Board of Discipline Order in Shri Sudip Roy (CBI) vs. CA Gopal Pitti, examining facts, allegations, evidentiary findings, misconduct under Item (2) Part IV First Schedule, and final disciplinary action of reprimand
Facts of the CaseThe present disciplinary
proceedings arose from a complaint filed by Shri Sudip Roy, Superintendent of
Police and Head of Branch, Central Bureau of Investigation, Economic Offence
Wing, Kolkata, again...
ICAI Board of Discipline Order BOD-287/2017: Vinod K. Kala vs. CA Munish Mehta – Professional Misconduct, High Court Intervention and Final Disciplinary Penalty
Facts of the CaseThe disciplinary proceedings arose
from a complaint filed by Shri Vinod K. Kala against CA Munish Mehta, a
practicing Chartered Accountant and partner of a Chartered Accountancy firm at
New Delhi.The ...
ITAT Ahmedabad in Jentibhai Shambhubhai Prajapati v. ACIT Holds Section 150(1) Cannot Revive Time-Barred Assessments Quashed under Section 153C — Jurisdictional Defects Are Incurable
Facts of the CaseThe assessee was subjected to
assessment proceedings under section 153C read with section 144 of the
Income-tax Act, 1961 for Assessment Years 2011-12 to 2014-15 and 2016-17,
pursuant to a search cond...
Addition under Section 68 on Share Capital and Premium Deleted Where Identity, Creditworthiness and Genuineness Established: Goldmoon Exports Pvt. Ltd. vs. ITO, Ward-6(2), Kolkata (ITAT)
Facts of the CaseThe
assessee, Goldmoon Exports Pvt. Ltd., filed its return of income for Assessment
Year 2012-13 on 30.09.2012 declaring total income of ₹12,963. The return was
processed under Section 143(1) and th...
Foreign Tax Credit Cannot Be Denied for Delayed Filing of Form 67: DTAA Benefits Override Procedural Lapses – Vaibhav Das Mundhra vs. ADIT, CPC, Bengaluru (ITAT Kolkata)
Facts of the CaseThe assessee, an individual resident and ordinarily resident in India,
was employed with a Singapore-based company and earned salary income taxable
both in India and Singapore during Assessment Year 20...
Addition Deleted for Clerical Error in Tax Audit Report: CPC Adjustment under Section 143(1) Set Aside – Concord Fortune Minerals India Pvt. Ltd. vs. ACIT, Circle-11(1), Kolkata (ITAT)
Facts of the CaseThe
assessee, Concord Fortune Minerals India Pvt. Ltd., filed its return of income
for Assessment Year 2017-18 on 29.11.2017 declaring total income of ₹18,74,280.
The assessee is engaged in the busi...
Ex Parte Dismissal by CIT(A) Set Aside and Appeal Restored for Fresh Adjudication for Bogus Purchase Addition under Section 69C: Sultania Realtors Pvt. Ltd. vs. ITO (ITAT Kolkata)
Facts of the CaseThe assessee, Sultania Realtors Pvt. Ltd., filed its return of income
for Assessment Year 2018-19 on 31.10.2018 declaring nil income. The assessment
was reopened under Section 147 based on information ...
Assessment Quashed Due to Invalid Notice under Section 143(2) Issued by Non-Jurisdictional AO: APE Power Pvt. Ltd. vs. DCIT, Circle-7(1), Kolkata (ITAT)
Facts of the CaseThe
assessee, APE Power Pvt. Ltd., filed its return of income for Assessment Year
2015-16 on 29.09.2015 declaring total income of ₹49,24,210. The case was
selected for scrutiny under CASS and notice...
Reassessment Notice under Section 148 Held Valid under TOLA but Appeal Restored for Fresh Adjudication for Lack of Opportunity: Smt. Sneha Brahma (LR of Late Shyamal Kumar Brahma) vs. ITO (ITAT Kolkata)
Facts of the CaseThe assessee, an individual, had originally filed a return for
Assessment Year 2013-14 declaring income of ₹23,090. Subsequently, the
Assessing Officer noted substantial cash deposits of ₹2,98,73,5...