Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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NFRA found CA N Bansal guilty of professional misconduct under Section 132(4) of the Companies Act and Section 22 of the Chartered Accountants Act. The EP failed to timely report fraud to the Central Government, inadequately assessed fraud risks, failed to document sufficient evidence regarding audit procedures, and failed to obtain appropriate evidence for Deferred Tax Assets recognition. Given these violations, NFRA imposed a monetary penalty of Rs. 5,00,000 and debarred CA Bansal for five years from being appointed as an auditor or internal auditor or undertaking any audit of financial statements or internal audit functions of any company or body corporate.
NFRA found CA N Bansal guilty of professional misconduct under Section 132(4) of the Companies Act and Section 22 of the Chartered Accountants Act. The EP failed to timely report fraud to the Central Government, inadequately assessed fraud risks, failed to document sufficient evidence regarding audit procedures, and failed to obtain appropriate evidence for Deferred Tax Assets recognition. Given these violations, NFRA imposed a monetary penalty of Rs. 5,00,000 and debarred CA Bansal for five years from being appointed as an auditor or internal auditor or undertaking any audit of financial statements or internal audit functions of any company or body corporate.
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