Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
HC upheld validity of Section 132 of Companies Act 2013 and NFRA Rules while addressing disciplinary proceedings against audit firms and partners. Court rejected challenges based on vicarious liability, finding that firms and partners share unified responsibility under Companies Act framework. Retroactive application challenge was dismissed as Section 132 merely modified enforcement mechanism without creating new liabilities. However, proceedings were invalidated due to procedural defects in NFRA's structure where same Executive Body both issued findings and initiated disciplinary action, violating principles of natural justice and creating reasonable likelihood of bias. Court emphasized need for separate divisions within NFRA to maintain procedural fairness and avoid predetermination in disciplinary matters.
HC upheld validity of Section 132 of Companies Act 2013 and NFRA Rules while addressing disciplinary proceedings against audit firms and partners. Court rejected challenges based on vicarious liability, finding that firms and partners share unified responsibility under Companies Act framework. Retroactive application challenge was dismissed as Section 132 merely modified enforcement mechanism without creating new liabilities. However, proceedings were invalidated due to procedural defects in NFRA's structure where same Executive Body both issued findings and initiated disciplinary action, violating principles of natural justice and creating reasonable likelihood of bias. Court emphasized need for separate divisions within NFRA to maintain procedural fairness and avoid predetermination in disciplinary matters.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
