Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
The Board found the Company and its promoters/directors guilty of extensive violations spanning FYs 2014-15 to 2019-20, including misstatements in financial statements, improper accounting treatments, and disclosure violations designed to defraud investors. Key violations included incorrect impairment accounting under Ind AS 36, improper capitalization of R&D costs violating AS 26/Ind AS 38, false shareholding pattern disclosures, misleading press releases, inadequate audit coverage of subsidiaries, and non-compliance with GDPR disclosure requirements. The Board imposed market access restrictions on all parties for specified periods, with promoters facing additional directorship bars. The Company must file impact statements with stock exchanges and publish subsidiary financial statements. Monetary penalties were levied against all parties, with promoters receiving higher penalties given their direct benefit from the fraudulent scheme.
The Board found the Company and its promoters/directors guilty of extensive violations spanning FYs 2014-15 to 2019-20, including misstatements in financial statements, improper accounting treatments, and disclosure violations designed to defraud investors. Key violations included incorrect impairment accounting under Ind AS 36, improper capitalization of R&D costs violating AS 26/Ind AS 38, false shareholding pattern disclosures, misleading press releases, inadequate audit coverage of subsidiaries, and non-compliance with GDPR disclosure requirements. The Board imposed market access restrictions on all parties for specified periods, with promoters facing additional directorship bars. The Company must file impact statements with stock exchanges and publish subsidiary financial statements. Monetary penalties were levied against all parties, with promoters receiving higher penalties given their direct benefit from the fraudulent scheme.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
