Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
Failure to exercise due diligence in concurrent audit can amount to professional misconduct under Clause 7 of Part I of the Second Schedule, because the expressions "does not exercise due diligence" and "is grossly negligent" are disjunctive alternatives. The Court upheld the finding that a chartered accountant who did not promptly report material banking irregularities committed misconduct, and held that absence of mala fides did not negate liability. It also applied limited judicial review in disciplinary matters, declining to reappraise evidence where no procedural irregularity or natural justice breach was shown. The penalty of removal from membership for six months was modified to a reprimand because of the long delay before final resolution.
Failure to exercise due diligence in concurrent audit can amount to professional misconduct under Clause 7 of Part I of the Second Schedule, because the expressions "does not exercise due diligence" and "is grossly negligent" are disjunctive alternatives. The Court upheld the finding that a chartered accountant who did not promptly report material banking irregularities committed misconduct, and held that absence of mala fides did not negate liability. It also applied limited judicial review in disciplinary matters, declining to reappraise evidence where no procedural irregularity or natural justice breach was shown. The penalty of removal from membership for six months was modified to a reprimand because of the long delay before final resolution.
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