Proof of foreign public documents requires originals or certified diplomatic/notarial copies; inspection must occur in-magna presence and cross-examin...
Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Non-recognition of interest on borrowings classified as NPAs was inconsistent with Ind AS 109 because RBI income-recognition norms for lenders did not extinguish the borrower's contractual liability, and an unaccepted, undocumented One-Time Settlement proposal could not replace contractual cash flows. Inadequate professional scepticism, audit evidence and documentation supported misconduct findings against the engagement partner, while the material and pervasive misstatement required consideration of a qualified or adverse opinion rather than an unmodified opinion. Engagement quality control review and applicable Standards on Auditing were mandatory for the listed-entity audit. The audit firm incurred independent quality-control liability under SQC 1; separate proceedings were not barred by double jeopardy, and the disciplinary sanctions were considered proportionate.
Non-recognition of interest on borrowings classified as NPAs was inconsistent with Ind AS 109 because RBI income-recognition norms for lenders did not extinguish the borrower's contractual liability, and an unaccepted, undocumented One-Time Settlement proposal could not replace contractual cash flows. Inadequate professional scepticism, audit evidence and documentation supported misconduct findings against the engagement partner, while the material and pervasive misstatement required consideration of a qualified or adverse opinion rather than an unmodified opinion. Engagement quality control review and applicable Standards on Auditing were mandatory for the listed-entity audit. The audit firm incurred independent quality-control liability under SQC 1; separate proceedings were not barred by double jeopardy, and the disciplinary sanctions were considered proportionate.
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