https://www.taxtmi.com/caselaws?id=755474 An arbitral interim direction to sign disputed financial statements was held beyond jurisdiction because it was not in aid of the main relief and would effectively place the contested accounts into circulation before adjudication, rendering the arbitration infructuous. The accounting standards relied on were held not binding on Income Tax Authorities, and an arbitral order could not bind those statutory authorities absent statutory control or a judgment in rem. The claimant could not be compelled to sign the statements at that stage, as doing so could expose him to penal consequences and self-incrimination. The interim order was therefore interfered with as legally unsustainable. en-us Tue, 09 Jul 2024 00:00:00 +0530 Sat, 13 Jul 2024 14:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755474 An arbitral interim direction to sign disputed financial statements was held beyond jurisdiction because it was not in aid of the main relief and would effectively place the contested accounts into circulation before adjudication, rendering the arbitration infructuous. The accounting standards relied on were held not binding on Income Tax Authorities, and an arbitral order could not bind those statutory authorities absent statutory control or a judgment in rem. The claimant could not be compelled to sign the statements at that stage, as doing so could expose him to penal consequences and self-incrimination. The interim order was therefore interfered with as legally unsustainable. Case-Laws Companies Law Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755474