Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Bd. held that the Noticee failed to conduct annual audits for FY 2021-22 and 2022-23 in breach of Reg. 25(3) of the RA Regulations and Clauses 2 and 7 of the Code of Conduct in the Third Schedule to Reg. 24(2); audits for those years were completed only after the regulator's inspection request, whereas the audit for FY 2023-24 was timely. The Bd. found the failures constituted contraventions attracting liability under s.15EB of the SEBI Act and, having considered remedial steps taken, imposed a monetary penalty in exercise of powers under s.15J, concluding the Noticee is liable to pay the prescribed penalty.
Bd. held that the Noticee failed to conduct annual audits for FY 2021-22 and 2022-23 in breach of Reg. 25(3) of the RA Regulations and Clauses 2 and 7 of the Code of Conduct in the Third Schedule to Reg. 24(2); audits for those years were completed only after the regulator's inspection request, whereas the audit for FY 2023-24 was timely. The Bd. found the failures constituted contraventions attracting liability under s.15EB of the SEBI Act and, having considered remedial steps taken, imposed a monetary penalty in exercise of powers under s.15J, concluding the Noticee is liable to pay the prescribed penalty.
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