Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
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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