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NCLAT Upholds Preferential Transaction Findings in Insolvency Case — Two Transactions Totaling Rs. 1.60 Crore Held as Preferential Under Section 43 of IBC, 2016. The Tribunal Confirms That Payments Made to Related Parties During the Look-Back Period Are Voidable and Must Be Reversed.

The case involves an appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016, filed by H.P. Arun Kumar, C.M. Nagaraj, and Usha (Appellants...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Penalty Case. Journal Entry Set-off for Loan Repayment Does Not Violate Section 269T of Income Tax Act, 1961, as It Is Not a Repayment but an Adjustment of Mutual Claims.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which deleted the penalty ...

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High Court of Karnataka Confirms Removal of Chartered Accountant for Professional Misconduct in Audit of M/s Great Western Industries Ltd. — Council's recommendation for removal from register for one year upheld under Section 21(6) of the Chartered Accountants Act, 1949.

This is a reference case filed by the Council of the Institute of Chartered Accountants of India (the Council) under Section 21(5) of the Chartered Ac...

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High Court of Karnataka Confirms Removal of Chartered Accountant for Professional Misconduct in Audit of Great Western Industries Ltd. — Council's Recommendation for One-Year Removal Upheld Under Section 21(5) of Chartered Accountants Act, 1949.

This is a reference case filed by the Council of the Institute of Chartered Accountants of India under Section 21(5) of the Chartered Accountants Act,...

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High Court of Karnataka Confirms Removal of Chartered Accountant for Professional Misconduct in Audit of Great Western Industries Ltd. — Council's Recommendation for One-Year Removal Upheld Under Section 21(6) of Chartered Accountants Act, 1949.

This is a reference case filed by the Council of the Institute of Chartered Accountants of India under Section 21(5) of the Chartered Accountants Act,...

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Supreme Court Upholds Conviction of Agricultural Officer for Misappropriation of Auction Proceeds in Prevention of Corruption Act Case. Criminal Breach of Trust by Public Servant for Non-Remittance of Two-Thirds Auction Amount to Treasury Established Beyond Reasonable Doubt.

The appellant, T.P. Gopalakrishnan, was working as Agricultural Officer at the State Seed Farm, Perambra, from 31.05.1991 to 31.05.1994. During this p...

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Bombay High Court Allows Society's Petition, Quashes Revision Order Against Re-Audit Report Under Section 81(6) of Maharashtra Co-operative Societies Act. Re-audit report is a mere opinion, not a decision or order, and revision under Section 154 is not maintainable.

The Bombay High Court dealt with two writ petitions arising from a dispute concerning the re-audit of a cooperative society registered under the Mahar...

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High Court of Bombay Adjudicates Petitions Under Section 37 of Arbitration Act Against Interim Deposit Order. The Arbitral Tribunal Had Directed Joint and Several Deposit of Rs.190 Crores and Restraint on Property Alienation.

The dispute arose from a Share Holders Agreement (SHA) dated 27 December 2012 and subsequent amendments between the Claimants (investors) and the Resp...

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Special Court Accepts 'B' Summary Report in Securities Fraud Case — Mistake of Fact Found. Complaint under Sections 406, 409, 420 IPC against accused for alleged misappropriation of mutual fund investments closed as investigation revealed no criminal intent.

The case was initiated on a complaint by Sudhir Manjrekar, the constituted attorney of Canbank Mutual Fund, against Shrenik K. Jhaveri alleging offenc...