Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT RATES :: ACCOUNTING STANDARDS :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: form 3cd :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: list of goods taxed at 4% :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: TDS
 
 
Direct Tax »
 Best ways to save tax under section 80C
 Govt may exceed direct tax collection target of FY18 Budget estimates
 CBDT relaxes MAT provisions for companies under corporate insolvency
 CBDT relaxes norms for MAT on firms facing insolvency
  Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961
 CBDT to appeal for revival of certain deregistered companies
 How the new tax regime fared in India these last 6 months
 Income Tax Slab for AY 2017-18: Know your tax category
 Direct Tax Collections for F.Y. 2017-2018 show Growth of 14.4% up to November, 2017
 LTCG tax on equity may return to haunt D-Street
 Karnataka third highest direct tax contributor

SC notice to Centre, RBI and CBDT on PIL against PricewaterhouseCoopers
December, 07th 2013

The Supreme Court on Friday sought responses of the Union finance ministry, Reserve Bank of India, Central Board of Direct Taxes (CBDT) and Registrar of Companies on a PIL seeking a thorough probe into the operations of leading accountancy firm PricewaterhouseCoopers (PwC).

A bench of Chief Justice P Sathasivam and Justices Ranjana P Desai and Ranjan Gogoi issued notices to the respondents and asked them to file their responses in four weeks on a PIL filed by 'Centre for Public Interest Litigation' (CPIL).

CPIL, through advocate Prashant Bhushan, complained that PwC and its sister concerns in India were "apparently indulging in various activities in violation of various statutes and policies like evasion of income tax, violation of Foreign Direct Investment (FDI) policy, RBI Act, Foreign Exchange Management Act and other relevant laws".

The petitioner gave three instances:

* Inflow of approximately Rs 240 crore, apparently from overseas, in various PwC India entities in the financial year 2010 and 2011 without disclosing sources thereof.

* Unexplained credit of approximately Rs 41 crore in the audit firm, Price Waterhouse & Co, Kolkata, apparently to acquire another audit firm Dalal and Shah, Mumbai through a circuitous route by giving interest free loans of the exact amount to four partners and further allowing them to invest the said exact amount in Dalal and Shah in violation of FDI policy, RBI guidelines, Fema etc.

* Wrong accounting on account of payment of the insurance premium by only three firms of PwC India while the benefit of the said policy was enjoyed even by other member firms who did not pay any premium in violation of Companies Act.

The PIL said, "Reluctance of the regulators to investigate or take any action against PwC India could be due to international clout and financial strength of PwC, which is one of the world's leading auditing and advisory firms. Every year, payments worth hundreds of lakh crores -- be in the way of subsidies, export incentives, grants, share of government revenue and taxed, sharing costs and profits in public-private-partnership contracts - are done based on the certification of the auditors and it is therefore imperative that their certification is absolutely correct and sacrosanct," the petition said.

Some of the important clients of PwC India include the ministry of defence, ministry of environment and forests, IndianOil Corporation and Delhi Jal Board, entailing payments of large amounts of public money to PwC, it said.

"In light of the above, it is frightening to even visualize the deceit and loss that they could be causing to the public interest and exchequer," the PIL said.

A bench of Chief Justice P Sathasivam and Justices Ranjana P Desai and Ranjan Gogoi issued notices to the respondents and asked them to file their responses in four weeks on a PIL filed by 'Centre for Public Interest Litigation' (CPIL).

CPIL, through advocate Prashant Bhushan, complained that PwC and its sister concerns in India were "apparently indulging in various activities in violation of various statutes and policies like evasion of income tax, violation of Foreign Direct Investment (FDI) policy, RBI Act, Foreign Exchange Management Act and other relevant laws".

The petitioner gave three instances:

* Inflow of approximately Rs 240 crore, apparently from overseas, in various PwC India entities in the financial year 2010 and 2011 without disclosing sources thereof.

* Unexplained credit of approximately Rs 41 crore in the audit firm, Price Waterhouse & Co, Kolkata, apparently to acquire another audit firm Dalal and Shah, Mumbai through a circuitous route by giving interest free loans of the exact amount to four partners and further allowing them to invest the said exact amount in Dalal and Shah in violation of FDI policy, RBI guidelines, Fema etc.

* Wrong accounting on account of payment of the insurance premium by only three firms of PwC India while the benefit of the said policy was enjoyed even by other member firms who did not pay any premium in violation of Companies Act.

The PIL said, "Reluctance of the regulators to investigate or take any action against PwC India could be due to international clout and financial strength of PwC, which is one of the world's leading auditing and advisory firms. Every year, payments worth hundreds of lakh crores -- be in the way of subsidies, export incentives, grants, share of government revenue and taxed, sharing costs and profits in public-private-partnership contracts - are done based on the certification of the auditors and it is therefore imperative that their certification is absolutely correct and sacrosanct," the petition said.

Some of the important clients of PwC India include the ministry of defence, ministry of environment and forests, IndianOil Corporation and Delhi Jal Board, entailing payments of large amounts of public money to PwC, it said.

"In light of the above, it is frightening to even visualize the deceit and loss that they could be causing to the public interest and exchequer," the PIL said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions