CA, CS, CMA judiciary-2

HC refuses to direct ICAI to expedite Professional Misconduct hearing

Wholesale Trading Services P Ltd. Vs ICAI and Anr (Delhi High Court)

The division bench of the Delhi High Court dismissed a petition filed against ICAI seeking expedite hearing on a complaint relating to Professional Misconduct. The petitioners, Wholesale Trading Services P Ltd, approached the High Court seeking a direction to the Institute of Chartered Accountants of India (ICAI) to complete the inquiry o...

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CA guilty of Professional Misconduct for giving forged challan copies

Council of the Institute of Chartered Accountants of India Vs Shri D.K.Agrawal (Allahabad High Court)

This Reference, under Section 21 (5) of Chartered Accountants Act, 1949 (hereinafter referred to as “Act, 1949”), has been received in this Court, sent by Council of Institute of Chartered Accountants of India (hereinafter referred to as “ICAI”) in the matter of D.K.Agrawal, FCA of M/s Dinesh K. Agrawal & Co., Chartered Accountant...

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CAs can demand highest prescribed billing rate for quality audit performed by them

Rakesh Raj and Associates Vs Commissioner of Income Tax (Delhi High Court)

This petition under Article 226 of the Constitution of India seeks quashing/modification of an order dated 07.11.2014 passed by the respondent No. 1/Commissioner of Income Tax, Central-II under Section 142(2D) of the Income Tax Act, 1961 (hereinafter to be referred as ‘the Act’) read with Rule 14B of the eponymous Rules of 1962....

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HC bans CA for issuing wrong Share Application Money Certificate

Council of ICAI Vs kailash Chander Agarwal & ANR. (Delhi High Court)

Proceeding to take cognizance of a report submitted by SEBI the Council of the Institute of Chartered Accountants constituted a Disciplinary Committee, forming a prima-facie opinion that the respondent was guilty of professional misconduct. Proceedings were initiated by the Disciplinary Committee. ...

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CA guilty of professional misconduct for failure to report suspicious book entries

Council of The Instt. Of Chartered Accountants Of India Vs. CA G S Johar & Anr. (Delhi High Court)

Suffice it to highlight that in paras 26 and 27 of the report the Committee highlighted the modus operandi adopted by PCL and AIL to form a loop with no cash flow coming in, but sales, stocks and receivables increases. The obligation of the auditor concerning transactions which are merely book entries was highlighted i.e. […]...

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Proved Misconduct by CA while he holds COP Punishable: SC

Council of The Institute of Chartered Accountants of India Vs. Deepak Gupta (Supreme Court)

Whether a practicing Chartered Accountant while he holds the certificate of practice issued by the Institute of Chartered Accountants of India would be liable for punishment for any misconduct committed during the existence of certificate...

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Failure of CA to investigate transactions in depth is gross negligence in performing professional duties

Delhi HC held that a Chartered Accountant while doing concurrent audit is expected to check the transactions falling within the scope of audit in depth. Thus, non-checking of the same would be gross negligence on his part while performing professional duties.Accordingly, he is liable to face the charge of professional misconduct under cla...

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Threatening letter to initiate legal proceedings if dues not paid is professional misconduct

Council of the Institute of Chartered Accountants of India (ICAI) vs. Mahesh Kumar Gupta (Delhi High Court)

Delhi HC held that threating letter issued by professional with reminder of unpaid professional dues is unethical conduct which is not expected by members of a civil society to be committed by a professional like that of Chartered Accountant who is looked upon by the society as a dignified professional....

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Every act of a CA cannot be termed as act in professional capacity

Council of the Institute of Chartered Accountants of India vs. Gurvinder Singh (Delhi High Court)

A CA may drive rashly and negligently and in the process may kill a human being. This conduct would be an offence, but not a misconduct for the purposes of the Act Similarly , in the instant case , the respondent was acting as an individual in his dealings with the complainant which were purely commercial. While selling the shares held by...

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ICSI cannot charge fees for answer sheet copies in excess of Fees provided under RTI Act, 2005

Landmark Judgement: Paras Jain V. ICSI (Delhi High Court)

A division bench of Delhi High Court held that the demand of the institute i.e., ICSI, asking students for a fee of INR 500 per subject/answer book for obtaining certified copies is not sustainable....

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