Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
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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