ATTENTION OF MEMBERS

ICAI initiative on order dated 20th August, 2014 pronounced by a Bench of Income Tax Appellate Tribunal, Mumbai

Members are aware of the general remarks against ICAI made by Hon ‘ble ITAT Mumbai Bench in respect of its order dated 20th August, 2014 wherein the tax advice given by a member of the Institute had been dealt with.

The above matter was considered by the Council at its meeting held on 15th September, 2014.

The Council unanimously felt that the comments made by the Hon’ble Bench on the profession and functions of the ICAI were neither warranted as no facts relating to the profession were before the Hon’ble ITAT nor was any opportunity given to ICAI in the said matter. The Council felt concerned that based on the opinion given by one of the members, general comments have been made in respect of the standards of the entire profession. The Council is of the view that the sweeping observations made by ITAT in the order about the Institute and the profession of Chartered Accountancy in a matter relating to a particular tax payer, are out of context.

The Council is conscious of its responsibility to regulate the conduct of its members. Whenever the Institute come across with any lapse(s) with regard to the conduct of any member, the same is appropriately dealt with under the disciplinary mechanism of the Chartered Accountants Act, 1949 and the Rules framed.

The Council reiterates its respect for the judicial system in the country including the Income Tax Appellate Tribunals. However, the Council has decided to take up the instant matter with appropriate/respective authorities, for expunging the aforesaid remarks made against the profession.

The outcome of the steps taken by the Council will be apprised to the members from time to time.

Read ITAT Judgment –Severe fall in standards of CA profession – ITAT

Severe fall in standards of CA profession – ITAT

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0 responses to “ICAI initiative on ITAT remark on CA profession & functions of ICAI”

  1. CA B B SHETTY says:

    Earlier it was ITAT now it is C & AG and a day is not far where in every forum public will start disrespecting CA and their profession. Already people say CA stands for “CHALU ADMI”. I as a member of Housing Society gone through the Audit Report of Bharat Rugani & Co who just an incorrect and manipulated Balance Sheet and on writing for details, he did not respond. This shows the attitude of responsible Auditor. In my view 90% of society dispute is due to casual and irresponsible attitude of CAs who do the audit but also the CA body a regulator wherein the elected members are using the forum of our Institute to make more business at institute cost (as their TA etc is borne by Institute) and least bothered about improving and regulating these sort of irresponsible Auditor

  2. CA m m chauhan says:

    As per my opinion both things are desirable. 1 icai should take up matter at appropriate level as ca profession cannot be blamed due to one person’s opinion/mistake. 2 if CA are negligent and not providing service as per expected standard icai can take action against member but no comments for ca profession is require.however suggestions are always welcomed.

  3. Sneha says:

    There is no question of debate w.r.t. time frame for filing appeals and in which circumstances a rectification can be filed. It is a disgrace that even articled trainees who have not even qualified are having a hearty laugh over the hieghts of lack of ability to interpret law by a Qualified CA. Chartered stands for expert. One cannot take shelter by pointing out issues like corruption and other defects in the system. If the title Chartered has been conferred on a qualified accountant he is expected not to make such disgraceful blunders in interpreting law. Instead of giving a stern reply to Hon’ble ITAT Mumbai Bench, ICAI must as a prioroty take disciplinary action against the concerned CA. He must also be made to indemnify the assessee

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