Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
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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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