Search Results for "Audited Accounts"

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Bombay High Court Delivers Oral Judgment on Petitions Challenging SEBI's Show Cause Notices to Auditors of Satyam Computers. Question of SEBI's Jurisdiction under Sections 11, 11B, and 11(4) of SEBI Act Raised in Wake of Satyam Fraud Disclosure.

The matter arose from writ petitions filed by Price Waterhouse & Co. and other chartered accountant firms along with individual partners challenging t...

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Supreme Court Allows Revenue Appeals in Income Tax Special Audit Time Extension Case. Assessing Officer Had Suo Motu Power to Extend Time Under Section 142(2C) Even Before 2008 Amendment.

The case involves a batch of appeals by the Commissioner of Income Tax against the judgment of the Delhi High Court, which had dismissed the Revenue's...

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Bombay High Court Quashes CERA Audit Notice for Lack of Statutory Basis. Audit of Private Company's Records for Pre-GST and GST Periods Without Invoking Specific Statutory Provision Held Without Jurisdiction.

The petitioner, Kiran Gems Private Limited, a private limited company, filed a writ petition under Articles 226 and 227 of the Constitution of India b...

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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Full Disclosure of Waiver of Interest in Original Assessment Precludes Reassessment After Four Years.

The Petitioner, Lok Housing and Construction Limited, challenged a notice dated 29 March 2011 issued under Section 148 of the Income Tax Act, 1961, se...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Reassessment Case — No Substantial Question of Law Arises. Reassessment Notice Based on Alleged Discrepancy in Accounts Found During Search Was Not Justified as Accounts Were Already Subject to Scrutiny Under Section 143(3).

The Revenue filed appeals under Section 260A of the Income Tax Act, 1961, against a common order of the Income Tax Appellate Tribunal (ITAT) dated 4.7...

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Karnataka High Court Allows Input Tax Credit Based on Annual Audited Accounts in KVAT Act Cases. The court held that Section 10(3) of the KVAT Act permits availment of input tax credit based on the annual audited statement in Form VAT 240, irrespective of the claim in returns under Section 35.

The judgment involves multiple writ petitions filed by M/s MFAR Constructions Pvt. Ltd. and M/s Mangalore Force, challenging the interpretation of Sec...

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Bombay High Court Quashes Reassessment Notices Under Section 148 of Income-Tax Act, 1961 for Lack of Reasonable Belief of Income Escaping Assessment. Notices Issued Beyond Four Years Without Fresh Material Held Invalid.

The petitioner, Sea Sagar Construction Co., a partnership firm, filed three writ petitions challenging notices dated 19 January 2012 issued under Sect...