Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
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Professional Misconduct by CA - The NFRA found that the auditors neglected their duty to perform an independent and thorough audit. They overlooked critical signals of potential financial irregularities communicated by the previously resigned auditor and failed to investigate or challenge the company's management on these points. The auditors issued an audit report that included an EoM paragraph suggesting no significant issues under section 143(12) of the Companies Act, which was misleading given the substantial evidence to the contrary. A monetary penalty of ₹3 crore was imposed on M/s Pathak H.D. & Associates. - Separate penalties imposed on EP and EQCR Partners.
Professional Misconduct by CA - The NFRA found that the auditors neglected their duty to perform an independent and thorough audit. They overlooked critical signals of potential financial irregularities communicated by the previously resigned auditor and failed to investigate or challenge the company's management on these points. The auditors issued an audit report that included an EoM paragraph suggesting no significant issues under section 143(12) of the Companies Act, which was misleading given the substantial evidence to the contrary. A monetary penalty of ₹3 crore was imposed on M/s Pathak H.D. & Associates. - Separate penalties imposed on EP and EQCR Partners.
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