Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Professional misconduct by CA - The NFRA concluded that the actions of the firm and the engagement partner constituted professional misconduct. They failed to cooperate with the NFRA's investigation by not providing the requested information and by submitting false statements. The authority imposed a monetary penalty of fifty lakhs INR on the audit firm and thirty lakhs INR on the engagement partner. Furthermore, they were barred from being appointed as auditors or undertaking any audits related to financial statements or internal audit functions of any company or body corporate for two and ten years, respectively.
Professional misconduct by CA - The NFRA concluded that the actions of the firm and the engagement partner constituted professional misconduct. They failed to cooperate with the NFRA's investigation by not providing the requested information and by submitting false statements. The authority imposed a monetary penalty of fifty lakhs INR on the audit firm and thirty lakhs INR on the engagement partner. Furthermore, they were barred from being appointed as auditors or undertaking any audits related to financial statements or internal audit functions of any company or body corporate for two and ten years, respectively.
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