Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
Fraud classification under the RBI Fraud Master Circular, 2024 requires a reasoned order addressing the relevant facts, the noticee's submissions and the reasons for rejecting them. An order that merely reproduces forensic-audit observations and the show-cause notice, without dealing with defences, reflects non-application of mind and cannot sustain classification. The discussion further notes that proceedings against a former non-executive director were unsustainable for the audit review period where the forensic report attributed no fraudulent transaction or allegation to that director and no personal guarantee was produced. The fraud-classification order was set aside, with no permission to recommence proceedings for that period.
Fraud classification under the RBI Fraud Master Circular, 2024 requires a reasoned order addressing the relevant facts, the noticee's submissions and the reasons for rejecting them. An order that merely reproduces forensic-audit observations and the show-cause notice, without dealing with defences, reflects non-application of mind and cannot sustain classification. The discussion further notes that proceedings against a former non-executive director were unsustainable for the audit review period where the forensic report attributed no fraudulent transaction or allegation to that director and no personal guarantee was produced. The fraud-classification order was set aside, with no permission to recommence proceedings for that period.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4794
Join Channel
TaxTMI 
