The Tribunal ruled that the AO violated principles of natural justice by relying on third-party seized material without confronting the assessee with the full evidence or granting the requested opportunity for cross-examination of the key broker.

The Adjudicating Officer, Registrar of Companies, post- reviewing the documents held that the company had violated Section 117(2), which prescribes a penalty of ₹10,000 and an additional ₹100 per day for continuing failure, subject to a maximum of ₹2 lakh for the company and ₹50,000 for each officer in default.

The Adjudicating Officer, Registrar of Companies, post- reviewing the documents held that the company had violated Section 117(2), which prescribes a penalty of ₹10,000 and an additional ₹100 per day for continuing failure, subject to a maximum of ₹2 lakh for the company and ₹50,000 for each officer in default.