The Institute of Chartered Accountants of India (ICAI) has recently taken action against four Chartered Accountants (CAs) for professional misconduct and failure to pay fines within the stipulated time.
One CA in Lucknow was removed from the register of members for a year and fined Rs. 1,00,000 for violating items 6, 7, and 8 of Part I of the Second Schedule to the Chartered Accountants Act, 1949. The Appellate Authority upheld the Disciplinary Committee’s decision, resulting in the CA’s name being removed from the register of members.
In Durgapur, another CA was fined Rs. 3,00,000 for professional misconduct under Clause 1 of Part II of the Second Schedule to the Chartered Accountants Act, 1949. Failure to pay the penalty within a month resulted in the CA’s name being removed for a month under the Chartered Accountants Regulations, 1988.
A Mangalore-based CA was also fined Rs. 5,00,000 for professional misconduct under Clause 1 of Part II of the Second Schedule to the Chartered Accountants Act, 1949. Failure to pay the penalty within three months resulted in the CA’s name being removed for a month.
In Delhi, another CA was fined Rs. 1,00,000 and had their name removed from the register of members for three months for violating Clause 11 of Part I and Clause 2 of Part IV of the First Schedule read with Section 22 of the Chartered Accountants Act, 1949. The Board of Discipline’s decision was upheld by the Appellate Authority, resulting in the CA’s name being removed from the register of members for three months.
Overall, these disciplinary actions serve as a reminder of the importance of adhering to professional standards and paying fines on time to avoid serious consequences.
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