Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
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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