Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Professional Misconduct by CA - Liability of the Engagement Partner (EP) with Audit Firm - The NFRA found that the auditors did not adequately report the non-recognition of liabilities classified as NPAs, which led to an understatement of liabilities and losses. This was a serious lapse as it misrepresented the financial position of the company. The auditors failed to perform adequate tests and provide sufficient evidence regarding their evaluation of the company's ability to continue as a going concern despite several negative financial indicators. - Based on the findings, the NFRA imposed substantial penalties on the audit firm and the individual auditor involved. - The individual auditor was also barred from auditing financial statements or conducting internal audits for any company for two years.
Professional Misconduct by CA - Liability of the Engagement Partner (EP) with Audit Firm - The NFRA found that the auditors did not adequately report the non-recognition of liabilities classified as NPAs, which led to an understatement of liabilities and losses. This was a serious lapse as it misrepresented the financial position of the company. The auditors failed to perform adequate tests and provide sufficient evidence regarding their evaluation of the company's ability to continue as a going concern despite several negative financial indicators. - Based on the findings, the NFRA imposed substantial penalties on the audit firm and the individual auditor involved. - The individual auditor was also barred from auditing financial statements or conducting internal audits for any company for two years.
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