The Appellate Authority Constituted under the Chartered Accountants Act, 1949 has imposed Rs. 50,000 penaly on Institute of Chartered Accountants of India ( ICAI ) for the gross lapse on the part of the Institute in the compliance of the directions by Appellate Authority.
The AA remanded to the Board of Discipline of the Institute of Chartered Accountants of India by this Authority vide Order dated 18th October, 2018 with the directions to complete the entire proceedings within a period of six months from the date of receipt of the aforesaid order. However, the Board of Discipline could not complete the entire proceedings of both these appeals within the stipulated time for the reasons detailed in the application in hand.
The AA observed that, “the Institute is negligent in the compliance of the directions given by this Authority to complete the entire proceedings within a period of 6 months vide order dated 18.10.2018. The said period came to an end in April, 2018. Even thereafter, the Institute did not prefer to move any application for extension of time before this Authority at the earliest. After a delay of more than 6 months, the instant application has been filed seeking extension. Apparently, there is gross lapse on the part of the Institute in the compliance of the directions. The state of uncertainty definitely affects the Appellants and they can’t be forced to wait for an indefinite period for disposal of their cases”.
The AA directed pay penalty of Rs. 50,000 in each appeal to the Appellate Authority within 2 weeks.
Subscribe Taxscan Premium to view the Judgment
