Court : Chennai
Reported in : [2009]185TAXMAN145(Mad)
..... (2a) an accountant member shall be a person who has for at least ten years been in the practice of accountancy as a chartered accountant under the chartered accountants act,1949 (38 of 1949), or as a registered accountant under any law formerly in force or partly as a registered accountant and partly as a chartered accountant, or who has been a member of the indian income- tax service, group a and has held the post of [additional] commissioner of income-tax ..... reducing a refund or otherwise increasing the liability of the assessee, shall not be made under this sub-section unless the appellate tribunal has given notice to the assessee of its intention to do so and has allowed the assessee a reasonable opportunity of being heard:provided further that any application filed by the ..... tribunal may, at any time within four years from the date of the order, with a view to rectifying any mistake apparent from the record, amend any order passed by it under sub-section (1), and shall make such amendment if the mistake is brought to its notice by the assessee or the assessing officer.provided that an amendment which has the effect of enhancing an assessment or ..... a view on the interpretation of the provisions of the act or conclusions arrived at ..... have been interpreted to mean and include only those orders which are substantially final in some sense or the other, and which finally dispose of or .....
Tag this Judgment!Court : Chennai
Reported in : [1998]93CompCas625(Mad)
..... of chartered accountants is governed by the chartered accountants act, 1949 (hereinafter called 'the act'). ..... section 22 of the act defines professional misconduct as follows :'for the purposes of the act, the expression 'professional misconduct' shall be deemed to include any act or omission specified in any of the schedules, but nothing in this section shall be construed to limit or abridge in any way the power conferred or the duty cast on the council under sub-section (1) of section 21 to inquire into the conduct of any member of the institute under any ..... further, by the finance act of .1984, a new section namely, section 44ab to the income-tax act, 1961, was introduced by which certain classes of assessees such as a businessman with a turnover of more ..... auditors cannot be placed on an equal footing and an assumption cannot be made that an auditor would be able to fulfil his obligations only up to 30 tax audit assignments under section 44ab of the income-tax act, per financial year. ..... dated january 13, 198s, the said notification states that a member of the institute in practice shall be deemed to be guilty of professional misconduct if he accepts in a financial year more than the specified number of tax audit assignments under section 44ab of the income-tax act, 1961. ..... a reading of the said section would reveal that it is an inclusive section and not an exhaustive one and that discretion is vested in the council to inquire into the conduct of any member of the institute under .....
Tag this Judgment!Court : Chennai
Reported in : (1987)1MLJ204
..... as for article 8-a in appendix ii relating to filing of balance-sheets audited and certified by chartered accountants are concerned, it is submitted by petitioners that there is a hostile discrimination and it acts as an unreasonable restriction on their trade and it is violative of articles 14, 19(1)(g) and 301 of the constitution. ..... every foreman shall prepare and file with the registrar a balance sheet duly audited either by auditors duly qualified to act as auditors of companies under the companies act, 1956 or by a chit auditor appointed under section 51(2) of the act and that it shall contain a summary of the assets and liabilities of the chit and furnish such other particulars as will disclose the nature of the assets and liabilities and how the value of the assets ..... the amendments are to the following effect.annexure.notificationin exercise of the powers conferred by section 63 of the tamil nadu chit funds act, 1961 (tamil nadu act 24 of 1961) the governor of tamil nadu hereby makes the following amendments to the tamil nadu chit funds rules, 1964.amendmentin the said rules, in appendix ii, in the table of fees (1) for article 1 and the countries ..... this being one of the essential purposes envisaged under the act, merely because section 16 is not enumerated in clauses (a) to (f), it cannot be held that the fee now imposed, relating to balance-sheets would not come within the aforesaid clause (g). .....
Tag this Judgment!Court : Chennai
Reported in : [1984]56CompCas183(Mad)
..... the code of conduct which is in furtherance of the first and second schedules to the chartered accountants act of 1949 states as follows : 'clause 6(j) - adopting descriptive trade names which have no relationship with the names ..... section 6, which relates to certificate of practice, states : '(1) no member of the institute shall be entitled to practise whether in india or elsewhere unless he has obtained from the council a certificate of practice : provided that nothing contained in this sub-section shall apply to any person who, immediately before the commencement of this act, has been in practice as a registered accountant or a holder of a restricted certificate until one month has elapsed from the date of the first meeting ..... even the guidelines, framed under section 20 of the companies act, do not give room for ..... section 7 says that members of the institute in practice may use the designation of chartered accountants ..... the council are set out in section 15 which are : '(1) the duty of carrying out the provisions of this act shall be vested in the council. ..... that section reads as follows : 'companies not to be registered with undesirable names - (1) no company shall be registered by a name which, in the opinion of the central government ..... foregoing power, a name which is identical with, or too nearly resembles, the name by which a company in existence has been previously registered, may be deemed to be undesirable by the central government within the meaning of sub-section (1).' 19. .....
Tag this Judgment!Court : Chennai
Reported in : AIR2005Mad287; (2005)2MLJ369
..... paragraph - 1 of the notification dated 13.01.1989 states:- 'no.1-ca(7)/3/88:- in exercise of the powers conferred by clause (ii) of part-ii of the second schedule to the chartered accountants act, 1949, the council of the institute of chartered accountants of india hereby specifies that a member of the institute in practice shall be deemed to be guilty of professional misconduct if he accepts, in a financial year, more than the specified number of tax audit assignments under section 44ab of the income-tax act, 1961'.6. ..... the notification dated 25.05.1987 reads as follows:-'no.1-ca(7)/158/87:- in exercise of the powers conferred by clause (ii) of part ii of the second schedule to the chartered accountants act, 1949 the council of the institute of chartered accountants of india hereby specifies that a member of the institute in practice shall be deemed to be guilty of professional misconduct, if he on behalf of the firm of chartered accountants in which he is a partner (a) consisting of 4 or more partners but less than 8 partners with atleast one partner holding a certificate of practice for five years or more; or (b) consisting of 8 or more partners with ..... the profession of chartered accountants is governed by the chartered accountants act, 1949 (herein after referred to as the act). ..... section 3 of the act provides that chartered accountants registered under section 4 of the act constitute a body called the institute of chartered accountants of india. .....
Tag this Judgment!Court : Chennai
Reported in : AIR1953Mad152; [1952]22CompCas356(Mad); [1952]22ITR235(Mad); (1952)IIMLJ493
..... a reference under section 21 chartered accountants act (act xxxviii of 1949). ..... respondent was a representative of the assessee in the income-tax proceedings; that his position was analogous to that of an advocate appearing for a party in court and that he owed a duty to the income-tax department to act fairly in the presentation of the case of the assessees.we agree that the position of chartered accountants representing the income-tax assessees is similar to that of advocates representing parties in court and that their obligations are similar to those of advocates. ..... is a partner in firm of chartered accountants. ..... he filed a statement in which he pleaded that he prepared the return and the statements only on the basis of the accounts produced before him by the assessees, that he acted throughout only as their representative, that he had no personal responsibility in the matter and that he was not guilty of any ..... are in the position of trustees in relation to the shareholders and in auditing the accounts maintained by the directors the auditor acts in the interests of the share-holders who are in the position of beneficiaries. ..... in those cases the auditor acts only for those individuals and it is his duty to act on their instructions, and to audit the accounts produced by them and prepare statements ..... is that he owed a duty to the department, to himself investigate the truth and correctness of the accounts of the assessees and not merely to act as their post office in transmitting them. .....
Tag this Judgment!Court : Chennai
Reported in : AIR1964Mad398
..... institute of chartered accountants came to the conclusion that it was not a case of gross negligence, and it was clear that the payment made to the managing agents who were not holding office in accordance with law could not be noticed even by the directors of the company, and therefore they reversed the finding of the disciplinary committee and held that the respondent, auditor was not guilty of any professional or other misconduct under section 21 of the chartered accountants act of 1949. ..... the petition is against the order passed by the council of the institute of chartered accountants of india, new delhi, that the first respondent herein was not guilty of any professional or other misconduct under section 21 of take chartered accountants act of 1949. ..... this is a revision petition preferred by the union of india represented by the department of company law administration, ministry of commerce and industry, under section 22-a(2) of the chartered accountants act, 1949. ..... while dealing with a case under the chartered accountants act, 1949 rajamannar c. j. ..... in office of the managing agents, i would have drawn the attention to it in my report to the share-holders in the same way as i had done in regard to even smaller matters......in any event an error or difference of opinion regarding the application or interpretation of the relevant provisions, i submit, cannot be a matter calling for any action.'3. .....
Tag this Judgment!Court : Chennai
Reported in : AIR2000Mad92
..... the chartered accountants act, 1949 (hereinafter referred to as 'the act') was enacted to make provisions for the regulation of profession of chartered accountants and for that purpose to establish an institute of chartered accountants (hereinafter referred to as 'the institute').4.1. ..... . (ii); whether the impugned details and documents required in the impugned application violate articles 14, 19(1)(g) and 21 of the constitution of india as well as the principles of natural justice?section 226 of the companies act contemplates that a person shall not be qualified for appointment as auditor of a company unless he is a chartered accountant within the meaning of chartered accountants act and is not disqualified for such appointment as prescribed therein ..... . therefore in the absence of any notification by the central government under section 138(2) of the income tax act the institute and c & ag are not barred to seek disclosure of information relating to the assessees when such information is relevant and necessary to suit other statutory requirements for empanelment of chartered accountants for appointment of auditors in the nationalised banks and public sector undertakings as per section 226 of the companies act and to achieve the object of the chartered accountants act viz .....
Tag this Judgment!Court : Chennai
Reported in : AIR1963Mad99; [1962]32CompCas1153(Mad); 1963CriLJ302
..... this is a reference under section 21 of the chartered accountants act, 1949 by the council of the institute of chartered accountants, which found the respondent guilty of professional misconduct, namely, gross negligence in the conduct of professional duties. ..... we have no hesitation in holding that the respondent did not conform to the high standards of efficiency and integrity which the institute of chartered accountants expects of its members, but at the same time we consider that in the circumstances of the case when practically (sic) particularly there has been no suggestion of any moral turpitude on the part of the respondent, it would be sufficient if we ..... swaminathan appearing for the respondent (auditor) has contended that as it had not been found by the council of the institute of chartered accountants that the debts were not really bad debts, a resolution authorising the writing off of the such debts was perfectly valid and that the conduct of the auditor in accepting the profit and loss account could not be considered as improper. ..... on the basis of the several instances of remissness in the performance of his duties, eight charges were framed against the respondent by the council of chartered accountants; but the former denied all of them. ..... section 145 of the indian companies act, 1913 (which corresponds to section 227 of the 1956 enactment) deals with the duties of a person auditing the accounts of a company. .....
Tag this Judgment!Court : Chennai
Reported in : AIR1953Mad79; [1953]23CompCas68(Mad); (1952)2MLJ646
..... , the matter came up before this court for hearing under section 21(2) of the chartered accountants act (xxxviii of 1949). ..... it was next argued that the reference under section 21 of the chartered accountants act was to the high court as a court, that a right of appeal against orders made by the high court is conferred by section 109 civil procedure code and that on the principle that when matters are referred for the adjudication of a civil court, that will attract the normal procedure of that court including a right of appeal, ..... article to apply, the order must have been passed in a civil proceeding and the question that has been debated before us is whether the proceedings under section 21 of the chartered accountants act are civil proceedings within the meaning of this article. ..... the question whether orders passed under section 21 of the chartered accountants act are open to appeal to the supreme court comes up for determination for the first time and it has been fully argued before us by learned counsel on ..... we are accordingly of opinion that article 133 of the constitution governs this case; that the proceedings under the chartered accountants act are not civil proceedings within the meaning of that article; and that no appeal lies against the order dated ..... enacts that appeals -shall lie from judgments, decrees or orders of a high court "whether in a civil, criminal or other proceeding" if the cases involve a substantial question of law as to the interpretation of the constitution. .....
Tag this Judgment!