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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Clause 4.1 of the 2024 RBI Master Directions and Footnote 14 were held to govern eligibility and independence of an external forensic auditor, and could not be treated as merely prospective because they reflect the requirement that only auditors qualified under relevant statutes conduct such audits. Since the appointed auditor had an admitted continuing consultancy relationship with lender banks, a conflict of interest arose, undermining the bedrock requirement of forensic independence; consequently, the appointment and actions founded on that audit were found prima facie dubitable. Further, the audit report was signed by a non-CA and the firm's CA partners were not registered with ICAI, rendering the appointment untenable, and the gross delay in submission breached RBI timelines, justifying interim protection to prevent grave irreparable harm; the suit was allowed. - HC
Clause 4.1 of the 2024 RBI Master Directions and Footnote 14 were held to govern eligibility and independence of an external forensic auditor, and could not be treated as merely prospective because they reflect the requirement that only auditors qualified under relevant statutes conduct such audits. Since the appointed auditor had an admitted continuing consultancy relationship with lender banks, a conflict of interest arose, undermining the bedrock requirement of forensic independence; consequently, the appointment and actions founded on that audit were found prima facie dubitable. Further, the audit report was signed by a non-CA and the firm's CA partners were not registered with ICAI, rendering the appointment untenable, and the gross delay in submission breached RBI timelines, justifying interim protection to prevent grave irreparable harm; the suit was allowed. - HC
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