https://www.taxtmi.com/caselaws?id=762185 A chartered accountant was found to have committed professional misconduct for gross negligence in issuing utilisation certificates without adequate verification of supporting records. The Court held that a certificate-issuing professional must exercise reasonable care and due diligence, and that the omissions in both certificates showed insufficient disclosure and lack of documentary support. It also clarified that disciplinary proceedings under the Chartered Accountants Act are not decided on the criminal standard of beyond reasonable doubt; the proof required is higher than a mere balance of probabilities, but short of that threshold. The misconduct finding was upheld, but the proposed removal from membership was replaced with a severe reprimand. en-us Wed, 20 Nov 2024 00:00:00 +0530 Tue, 26 Nov 2024 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762185 A chartered accountant was found to have committed professional misconduct for gross negligence in issuing utilisation certificates without adequate verification of supporting records. The Court held that a certificate-issuing professional must exercise reasonable care and due diligence, and that the omissions in both certificates showed insufficient disclosure and lack of documentary support. It also clarified that disciplinary proceedings under the Chartered Accountants Act are not decided on the criminal standard of beyond reasonable doubt; the proof required is higher than a mere balance of probabilities, but short of that threshold. The misconduct finding was upheld, but the proposed removal from membership was replaced with a severe reprimand. Case-Laws Indian Laws Wed, 20 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762185