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Bombay High Court Quashes Special Audit Order Under Section 142(2A) of Income Tax Act for Lack of Application of Mind. Assessing Officer Failed to Record Satisfaction Regarding Nature and Complexity of Accounts, and Did Not Consider Assessee's Reply, Violating Principles of Natural Justice.

The petitioner, Hiranandani Foundation, a trust registered under Section 12A of the Income Tax Act, 1961, runs educational and medical institutions wi...

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High Court of Karnataka Quashes Special Audit Orders Against KIADB Under Section 142(2A) of Income Tax Act, 1961 — Orders Passed Without Application of Mind and Without Recording Satisfaction as Required by Law.

The petitioner, Karnataka Industrial Area Development Board (KIADB), a statutory board constituted under the Karnataka Industrial Area Development Act...

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High Court of Gujarat Upholds Disciplinary Action Against Chartered Accountant for Professional Misconduct in Bank Audit. Failure to Report Irregular Loans and Deficient Documentation Constitutes Negligence Under Section 21(5) of the Chartered Accountants Act, 1949.

This is a case reference under Section 21(5) of the Chartered Accountants Act, 1949, arising from a complaint by Smt. Prabha S. Prasad, General Manage...

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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 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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Bombay High Court Upholds Circular Requiring Audit by Chartered Accountants or Certified Auditors in Cooperative Societies. Section 81(1)(a) of Maharashtra Cooperative Societies Act, 1960 empowers Registrar to prescribe auditor qualifications, and the circular is a valid general order.

The judgment concerns two writ petitions challenging a circular dated 11th November 1996 issued by the Government of Maharashtra under Section 81(1)(a...