Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
SEBI issued a circular prescribing comprehensive norms for internal audit mechanisms and audit committee composition for Market Infrastructure Institutions (MIIs). Key requirements include mandatory annual internal audits by independent audit firms, direct reporting to the Audit Committee, and strict governance standards. The Audit Committee must exclude executive directors, with auditors and key management personnel having hearing rights but no voting privileges. The provisions become effective 90 days from issuance, mandating MIIs to implement systematic internal control and oversight mechanisms to enhance institutional transparency, risk management, and regulatory compliance.
SEBI issued a circular prescribing comprehensive norms for internal audit mechanisms and audit committee composition for Market Infrastructure Institutions (MIIs). Key requirements include mandatory annual internal audits by independent audit firms, direct reporting to the Audit Committee, and strict governance standards. The Audit Committee must exclude executive directors, with auditors and key management personnel having hearing rights but no voting privileges. The provisions become effective 90 days from issuance, mandating MIIs to implement systematic internal control and oversight mechanisms to enhance institutional transparency, risk management, and regulatory compliance.
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