Market value for captive electricity consumption follows industrial consumer tariffs, supporting profit computation for the power generation deduction...
Provisional release of seized imports requires enhanced duty payment, bank guarantee and disclosures while customs adjudication proceeds independently...
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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