Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
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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