Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4807
Join Channel
TaxTMI 
