Case Law Details
Case Name : Vijay Vs Meghani Vs DCIT (ITAT Mumbai)
Appeal Number : I.T .A. No. 5418 and 5419/Mum/2011
Date of Judgement/Order : 20/08/2014
Related Assessment Year :
Courts :
All ITAT ITAT Mumbai
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ITAT held in its order that ICAI CPE programmes might have failed to achieve the desired objectives with some of the Chartered Accountants. It further said that it is hightime that the ICAI should take note of these practicalities and should take corrective steps in order to maintain/restore the high standa Please become a Premium member. If you are already a Premium member, login here to access the full content.
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I AGREE WITH SIVARAM. CAN’T HELP AFTER ALL ONE BAD APPLE IN A BASKET OF APPLES IS GOOD ENOUGH TO DAMAGE TOTAL BASKET OF APPLES THAT IS WHAT HAPPENED.
IT ALSO PROVES WHAT 5 MEMBER BENCH OBSERVED IN MADRAS BAR ASSN V NTT FURTHER IS IT NOT!
UNLESS STRICT LIABILITY OR ABSOLUTE LIABILITY CLAUSE IS INTRODUCED IN ICAI ACT ON ITS ERRING MEMBERS THE FAIR NAME OF PROFESSION WOULD GET BADLY MAULED, I BELIEVE!
I sincerely suggest cpe hrs for article students too.
Gujarati Kahevat “Chinde Chadyo te chor”
ICAI should take action to motivate student to acquire knowledge in depth.I am consultant in the field of Accounting. I do work with proficiency. I keep myself in touch with latest development in the field. I come across fresh CA who has no primary knowledge of the IT Act,Tax Audit,C.Act even they could not pass book entry.
I heard that in campus interview CA selected and after very few months they were rejected because of absence of knowledge.
Its time to wake up ICAI & found solution.
It right time to think ICAI for its education system.When i was article i suggested that institute should do for the student who get his training with keen interest to get knowledge.I found that its a mentality of student that “Get passed the exam first, we will get knowledge then”. Because of my articleship i acquired a good knowledge of Incometax, FEMA and COmpanies Act. Unfortunatly i could not complete CA. But i am doing all the work proficiently.
Besides, we come accross the Officers at different departments with lacking of knowledge.Athority should not critisize whole profession in such a way .
Gujarati Kahevat mujab”Chinde Chadyo Te Chor”
Enough Guys,
Not even a single word criticizing the profession of Chartered Accountant will be bearable, the mistake is related to an Individual and not on the profession, if one ca has done a mistake that does not mean the entire fraternity is wrong, there are more than 99% of CA’s serving with Integrity, Independence and Ethically, the words CA stands for the trust.
For any profession/job, it is just about managing the Law by all means, which is mostly outdated and neither serving the desired purpose nor acting tough on corruption and incompetence in all professions whose only objective and goal is super fast track to making buck. ethics and character are only on paper and good to listen in speeches of our netas, when it comes to implementation all are falling flat. all know it is not feasible to do business in current competition and low margins by following all the applicable laws of the land. Lapses are inevitable and hence the need for managing professional brokers in all professions by
corrupt and unethical practices. socieity should show examples of people earned huge money by following all laws of the land and by honest means.
the need is mother of calibre of kausalya to produce maryada purushottam and simplicity personified lord sri rama or jeeja mata to produce great chatrapthi shivaji maharaj,but, for them income tax laws were non-existant.
Each individual is unique, consider identical twins their intellectual levels are different in my opinion sample outcome can not be concluded to the population of particular profession, no one is perfect, one can try to attain perfection
Looking at the sad state of affairs the expanded form of “ACA” interpreted as “Adha CA” and “FCA” for “Faltu CA” ring truth more particularly when they routinely attest statements that are neither true nor fair, nor fairly true nor truly fair!
Most of CAs have not practical experience now a days. They dont know even what is trading,profit & loss a/c & Balance sheet.Bank Reconceliation etc.
Some CAs dont know the advance tax payments dates, return filing date,TAR, did it file electronicaly with digital signature or manually?
Last years CA result is very low percentage. Approx 30 thousand wrote exam and 1500. qualified. Did any moderation pass method adopted? doubt on new generation CAs work. It creating a serious problem to IT department and also clients who needs their account audited.
Dear All,
Such exemplary remarks by an Institution like ITAT , which are un fortunate but equally shows the need for Introspection.
What is highly appreciated by all corners ,of Immediate past C AND AG , are Intellectual Independence, Moral Intelligence , Ethical Transparency. Thats Professionalism.
May I mention some of the words of Wisdoms ,
by CA P N Shah Past President of ICAI reported in MAY 2005 ICAI Journal :
“Not only do unethical practices need be checked but need to be curbed with stringent implementation of the Code of Conduct,….The Continuity of the Trust that the society has in our profession depends on us members, Individually as well as collectively “.
by Narayan Murthy ,
” Professionalism requires intellectual independence ….We need to overcome the attitude and think independently ,if we are to be true professionals,Remember that different circumstances may require different approaches , but not different standards of ethics”
by CA G Ramaswamy ,Past President of ICAI ,in Dec 2011 ICAI Journal
” We are constantly reminded of our Conviction about consciousness that we must possess while carrying out our professional responsibilities”.
Lastly by Late Adv Nani Palkhiwala ,
” When you lose a case, nothing is lost, when you lose a client,again nothing is lost , even you lose as judge ,still nothing is lost but when you lose your Conscience then every thing is lost “
It is wrong to curse the profession. Whatever corrective steps are needed should be implemented by all the stakeholders associated with the CA profession. People who are cursing CA’s & CA profession should remember that there are huge number of CA’s who hold highest posts in the industry. Also there are huge number of CA’s & CA firms who are doing quality work in their practice. These examples are much more than the examples which show degradation in the profession.
Not True at all. but ICAI tried to improved Educational system from 2016,
CA profession, if today it’s a dignified profession is because of trust and integrity and knowledge of the person who holds such qualification. Sometimes Trust and Intergrity is even top of Knowledge. If these three things are not there with a CA then it’s not even equal in the field of simillar qualification. Our Institute is well aware of this and also take necessary corrective action instatly whenever comes to notice but still some areas institute needs to re-look like articleship trainning ( should be tighten more) / stringent action on members in fault , etc., by which such type of instances can be controld.
Moreover in the above case institute should immidiately try to find the fact and if the affidavit is done the way it’s told in the decision of ITAT, then immediate action should be taken against such members and firms.
its assure that this will be happen, rather it is just starting of Some one Big Scam, because C.A Examination System is Lack of Transparency. where only the person who has booking knoweldge get sucess in their Life & Even no Single Chunk of Peaces of Sucess is Given to Candidates Who Has more knoweledge than a C.A.
even there are some Friends Who are C.A, But They Does Not Know How To Prepare Balance Sheet From Trial Balance in Practices.
in above it does not mean that they have expertise in other field. rather its Result of Dummy Training
This seems to be an isolated instance and should not construe to reflect the quality of entire CA fraternity. The concerned CA should be penalized for incorrect advise.
Sourabh,
Ex Facie comment!!!
What I am getting the impression that it is a very high profile co-operation (to corrruption) at the top level.
It is obvious that CBDT and ICAI are in hand in hand to collect the tax payer’s money (is it to satisfy their purpose??) to enhance the economic growth (really!!!) of our country (should you read it as politicians!!).
It can be said that corruption (in monetary terms only) originates where money is collected and the channel (the institute members) is through whom it is collected (directly or indirectly). Thank the almighty that RBI is not a caged parrot otherwise, we would be nowhere.
Dear Mr. RAVI
I fully agree with you.The institute should take
immediate action to maintain the quality of CA profession.
Why nobody talks about corruption in IT department???
The Examination system is at fault. A student who has superior memory only can succeed. He must remember everything till he writes the examination and get high marks and he will come out as a successful CA but lacks in knowledge and capacity to understand any law much less Income tax act. Whereas a student who will be good in understanding the law and quick in grasping the subject may not be able to reproduce in the examination as to what is expected by the CA Institute but nevertheless his answers will be alright.
therefore very bright students when asked to take the CA course they turn down the suggestion. Unless the Institute change their examination system we will not get CA professionals with good quality. Many CA Professionals when asked for some clarification they would often say that they will come back with the solutions and they go on shopping for the solutions from their friends in their profession or to the company secretaries.
CAs should not be expected to know each and everything in the commercial terminology. There are specialization also. This is just like an Orthopaedic Doctor and a Cardiologist. Both are MBBS Doctors but their areas of specialty are different. Just like this, a CA in Income Tax Practice may or may not know certain terminologies which are peculiar to the Excise Act or Financial Services.
Somany Member CA’s are not having much knowledge about the updates and at least they don’t know how to train their articled students. Now a days 75% of CA students are follow Cut & Past. They are studying examination point of view. Even coaching centres are also teaching in a blind way rather analytical study by giving false advertisements and inducing the students. The ICAI institute should take rigorous actions on such coaching institutes.
True….. I have come across many CA friends who I really doubt. Once one of my friend CA asked me what is a ‘Bank Guarantee’.
It was really surprising and indicates there is something seriously gone wrong. At times, I have seen even a commerce graduate dominating a CA over technicalities of Tax!!!
Fully Agree with Uttam Singhji and V Sivaraman Sir
it is a result of dummy training
It is a pity that such an act of one person goes to affect the repute of the entire lot.
Greetings.
can you kindly advise can an NRI husband can give money to NRI wife (not employed) by tansferring money from NRI husband’s NRE / NRO account to his NRI wife’s NRE/NRO account. if so how this will be treated for Income Tax purposes for the NRI husband and NRI wife. will the income derived by the NRI wife from such receipt of money from her NRI husband will be clubbed with NRI husband’s income for determining tax purposes.
kind regards
kaapeeyes
The main reason behind the deteriorating condition of profession is that many of our professional are not updated.I have met so many CAs who are even not able to tell the slab.so somewhere ICAI need to come with some policies to revive back the profession. Some steps like taking yearly exams regarding updates should pe compulsory for every CA if not qualified then his COP should be cancelled. It need to be done else we will be treated like nothing.
ACCOUNTING PROFESSION NOW A DAYS LOOKS LIKE GENERAL UNIVERSITY GRADUATION EXAMINATION…