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Supreme Court Allows Banks' Appeals in RBI Fraud Classification Case Regarding Natural Justice Requirements. Court Holds No Absolute Right to Personal Hearing or Full Forensic Audit Report Disclosure Under RBI Master Directions Issued Under Section 35A Banking Regulation Act, 1949.

The dispute arose from the classification of loan accounts as 'fraud' by banks under the Reserve Bank of India's Master Directions. The appellant bank...

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High Court Allows Writ Petition by Cooperative Society Against Ministerial Order Halting Inquiry Under Maharashtra Cooperative Societies Act - Restores Statutory Inquiry into Financial Irregularities by Former Directors

The High Court allowed a writ petition filed by Petitioner challenging an order passed by the Minister for Cooperation that halted a statutory inquiry...

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Bombay High Court Upholds Validity of GST Circulars on Input Tax Credit Reversal for Exempted Supplies. Circulars Clarifying Section 17(2) of CGST Act, 2017 Held Not Ultra Vires as They Merely Interpret Existing Provisions.

The petitioner, Fomento Resorts and Hotels Ltd., a company incorporated under the Indian Companies Act, 1956, challenged the validity of Circular No.3...

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Bombay High Court Allows Writ Petitions of Petroleum Dealers Challenging VAT Assessment Orders. Assessment orders under Dadra and Nagar Haveli Value Added Tax Act, 2005 set aside as barred by limitation and violative of natural justice.

The judgment pertains to a batch of writ petitions filed by several petroleum dealers (M/s. Yogi Petroleum, Jay Jalaram Construction Co., M/s. Ratan P...

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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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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...