CORPORATE AND PROFESSIONAL UPDATE August 26, 2017

CORPORATE AND PROFESSIONAL UPDATE August 26, 2017

Image result for corporate images hdDirect Tax:

  • Delhi ITAT upholds assessee’s Resale Price Method (RPM) over TPO’s TNMM for AYs 2003-04 to 2005-06 for benchmarking purchases of finished goods from AE for resale, holds that RPM is most appropriate method absent any value addition by assessee[TS-661-ITAT-2017(DEL) -TP]
  • The income tax department is open to lowering the withholding tax rate for foreign companies which have income in India, says CBDT chairman Sushil Chandra.
  • Supreme Court ruling the right to privacy as a fundamental right under the Constitution has triggered uncertainty over the mandatory linking of Aadhaar for stock trading brokers said they will now wait for the SC judgment that will test the validity of Aadhaar.

Indirect Tax:

  • CBEC made amendment in the Integrated Goods and Services Tax Act by way of notification no 8/2017- Integrated Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 683(E), dated the 28th June, 2017. Vide notification no 354/173/2017 –TRU, dated 22th August 2017.

GST Update

  • GST Authorities have issued clarification w.r.t selling of space for advertisement in print media on the basis of the queries being raised regarding GST applicability on the same. The rate is @ 5%.
  • IT Minister launched a GST filing and reconciliation solution product named ‘XaTTaX’. The product, developed by Sailotech, simplifies the filing of GST returns, claims for refund, raising invoices with comfort from home or workplace.

FAQ on GST

Query: What is the time limit beyond which the inputs/capital goods sent for job work shall be treated as supply?

Answer:The time limit prescribed for return of goods sent to job work under the exemption route is 1 year of being sent out (for inputs) and 3 years of being sent out (for capital goods). Therefore, if the inputs/ capital goods are returned to the principal after 1 year/ 3 years (as applicable), then such return of goods to the principal after the said period would be treated as ‘supply’. This time limit is not applicable to moulds and dies, jigs, fixtures, and tools

Corporate Law:

  • MCA made companies (Arrests in connection with Investigation by serious Fraud Investigation Office) Rules, 2017 which shall come into force on the date of their publication in the Official Gazette.Vide notification no ur2l20r3 cL-V, dated 24th august 2017
  • MCA amend the National Company Law Appellate Tribunal Rules, 2O16. These rules may be called the National Company Law Appellate Tribunal (Amendment) Rules’ 2O17 which shall come into force on the date of their publication in the official Gazette. Vide notification no 1/30/2013-CL-V, dated 23th August 2017
  • The Cabinet has approved a framework to speed up mergers of public sector banks, the first of which could take place by March. The mergers will not involve any cash but only share swaps.

Quotes of the day

“Plant your garden and decorate your own soul, instead of waiting for someone to bring you flowers.”

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The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE DEC 23,2016

 

Professional Update For the Day:

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Direct Tax:-

  • CBDT has issued a circular via circular no. 41 of 2016 dated 21st December, 2016 regarding clarifications on Indirect Transfer Provisions contained in section 9(1)(i) of the Income Tax Act, 1961.
  • Mihir Jayendra Thakore Vs DCIT Whether in case the previous AO has allowed certain claim but the subsequent officer believes that AO ought to have disallowed such claim, this belief has to be construed as a change of opinion on the basis of which a reassessment cannot be made – YES: HC – Assessee’s appeal allowed : GUJARAT HIGH COURT.

Indirect Tax:-

  • CESTAT Mumbai in the below cited case held that the benefit on export of goods cannot be denied on the mere fact that the goods got damaged, re- processed again after some time and then exported by the assessee. [Uniworth Textiles Ltd. Vs Commissioner of Central Excise, Nagpur]
  • Vikhroli Corporate Park Vs CST ST – If appellant is discharging ST liability on the output services under the category of “Renting of Immovable property” , there is no reason for denial of CENVAT credit on various inputs and input services used in relation to building of such commercial property; Interest-free security deposit, notional interest thereon is held to be non-taxable; no tax liability arises on the earnest money which was forfeited .Appeal disposed of : MUMBAI CESTAT

GST Update:-

  • The GST Council finalized 197 clauses of the Central GST and State GST laws. In doing so, the Council has given final shape to these GST laws.

Other Update:-

  • SEBI has decided that the depositories shall provide the transaction data of promoters/ promoter group on a daily basis directly to the stock exchanges for dissemination of the necessary disclosures.

Key Dates:-

  • Payment of TDS for purchase of property for Nov  : 12.2016

 “If you think positively sound become music, movement becomes dance, smile becomes laughter, mind becomes meditation and life becomes a celebration.”

“Living in the favourable and unfavourable situation is called “PART OF LIFE” but smiling in all those situations is called “ART OF LIFE”.”

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Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE DEC 20,2016

 

Professional Update For the Day:

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Direct Tax:-

  • CBDT has decided to reduce the existing rate of deemed profit of 8% under section 44AD of the Act to 6% in respect of the amount of total turnover or gross receipts received through banking channel / digital means for the financial year 2016-17. However, the existing rate of deemed profit of 8% referred to in section 44AD of the Act, shall continue to apply in respect of total turnover or gross receipts received in cash.
  • SC: Dismisses Revenue’s SLP challenging grant of Sec.80IB housing deduction on ‘part project’ [TS-659-SC-2016]

Indirect Tax:-

  • CESTAT : Allows CENVAT credit refund; Mandap-keeper, health & fitness services ‘relate to business’ –[TS-505-CESTAT- 2016-ST]
  • DVAT has issued circular regarding Communication of the provisional Identification Number and Password to dealers registered with VAT department for migration to GST from 16th December, 2016 to 31st December, 2016 Vide Circular No.  No. JCTT/Policy/2016/751-769 dated 14.12.2016.

GST UPDATE:-

  • Migrated Taxpayers not liable for registration under GST shall apply online in Form GST REG-24 for cancellation of registration.

RBI update:-

  • RBI issued instructions that tenders of SBNs in excess of Rs.5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.

ESIC Update:-

  • ESIC Rate Chang to 3% from 4.75% for employers, it’s  applicable from this month onwards. It has also chang for employees from 1.75% to 1%  as monthly contribution.

Other Update:-

  • Last date for compliance of CPE hours requirement for the year 2016 has been extended from 31st Dec 2016 to 31st Jan 2017.

Key Dates:-

  • E- Payment of DVAT & CST for Nov : 21.12.2016.
  • Issue of DVAT Certificate for Deduction made in Nov : 22.12.2016.

“Ordinary people merely think how they shall spend their time; a man of talent tries to use it.

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Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE DEC 16, 2016

Professional Update for the Day:

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Direct Tax:-

  • CBDT clarified that filing of revised return cannot be used as the tool for manipulating the figures of income, cash-in-hand, profits etc. with an intention to show the current year’s undisclosed income in the earlier return.
  • ITAT Mumbai held that CIT cannot revise assessment for making a fresh examination of an issue already examined by the AO who has taken one of the possible views because there has been no erroneous order which could ordered to be revised. [M/s Rachana Finance & Investment Pvt. Ltd. Vs CIT]

  Indirect Tax:-

  • Supreme Court held that the power of Sales Tax Commissioner to extend the time to pass an order on assessment is to be exercised before the normal period period of assessment expires.[State of Punjab & Ors. Vs M/s Shreyans Indus. Ltd. Etc.]

Companies Act  Update:-

  • MCA has revised the version of e-forms: Form INC-18, Form DIR-3 and Form MGT-14 with effect from 17th Dec’ 2016.

Other Update:-

  • Bombay High Court in Khandelwal Lab Pvt. Ltd vs. DCIT has directed the department to redeposit moneys collected illegally by attachment of assessee’s bank account during pendency of stay application u/s 220(6).
  • Legal profession is not a commercial activity – Running of office by an Advocate in a building cannot be termed as Commercial activity – Electricity rates fixed for Commercial user cannot be charged. SUPREME COURT OF INDIA before: – Arijit Pasayat & H.K. Sema, JJ.

Key Dates:-

  • E- Payment of DVAT & CST for Nov : 21.12.2016.
  • Issue of DVAT Certificate for Deduction made in Nov : 22.12.2016.

“ Success and Excuses do not travel together, if you want excuses forget about success and if you want success don’t give excuses.”

“Stress is the gap between our Expectation and Reality. More the gap, more the stress, so expect nothing and accept everything.”

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The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE SEPT 27, 2016

Professional Update For the Day:

6Direct Tax:-

IT: Assessee has directly deposited cash in the supplier’s account and has produced the bills, no evasion of tax by claiming the bogus expenditure in cash – Arun Kumar Mondal Vs ITO, W-2(2), Burdwan (2016 (9) TMI 995 – ITAT Kolkata)

SC modifies Karnataka HC order on the issue of taxability of amount received by assessee-company (engaged in real estate business) on account of share capital from various share-holders. ITAT has held that share capital received by the assessee was in the nature of  of capital receipt and cannot be treated as business income despite the same having been received towards allotment of flats/ units. [TS-513-SC-2016]

Indirect Tax:-

CBEC has made amendments in various notification u/s 25(1) in Custom Act 1962 vide Notification No. 52/2016 –Custom-Tariff  dated 23/09/2016.(Click here to view)

Reg. Service Tax exemption on advancement of Yoga [Notification No. 42/2016-Service Tax]

In the below citied case petitioner had calculated and deposited tax 10.3% whereas the tax had to be calculated 12.36% as per department.Delhi high court held that here is no provision in the VCES which permits correction of errors of this nature by the Petitioner.It was not obligatory for the Respondent to inform the Petitioner what the correct rate of service tax was. It was for the Petitioner to have ascertained the correct rate of tax and calculated the service tax.(Techno Concept India Pvt. Ltd. Versus The Deputy Commissioner of Service Tax, Delhi)

GST UPDATES

Under GST,all cesses to be subsumed in GST. Only 5% assessees would be audited in GST regime, against 70-80% by some states now.

FAQ as Issued by CBEC

Q . How to compute ‘aggregate turnover’ to determine eligibility for composition scheme?

Ans. The methodology to compute aggregate turnover is given in Section 2(6). Accordingly, ‘aggregate turnover’ means ‘Value of all supplies (taxable and non-taxable supplies + Exempt supplies + Exports) and it excludesTaxes levied under CGST Act, SGST Act and IGST Act, Value of inward supplies + Value of supplies taxable under reverse charge of a person having the same PAN.

Q . What are the penal consequences if a taxable person violates the condition and is not eligible for payment of tax under the Composition scheme?

Ans. Taxable person who was not eligible for the composition scheme would be liable to pay tax, interest and in addition he shall also be liable to a penalty equivalent to the amount of tax payable. (Section 8 (3) of the MGL).

Q . What is the minimum rate of tax prescribed for composition scheme?

Ans. 1%

Q . When exemption from whole of tax collected on goods and/or services has been granted unconditionally, can taxable person pay tax?

Ans. No, the taxable person providing such goods or services shall not collect the tax on such goods or services.

FAQ on Company Law:

Query: In case of a right issue of shares by a private limited company for which board meeting we should file MGT 14 u/s 179(3)(c). Is it for the Board Meeting where rights issues offer is made or the Board Meeting where rights issue shares are issued and allotted?

Answer: In case of Rights issue, you shall be required to file Form MGT-14 under section 179(3) within 30 Daysof passing the Board Resolution in which Shares are issuedand allotted and put its SRN in Form PAS 3 accordingly.

MCA UPDATE

MCA has made an amendment to the Companies (Management and Administration) Rules, 2014. These rules may be called the Companies (Management and Administration) Amendment Rules, 2016 which shall come into force on the date of their publication in the Official Gazette.

Key Dates:

  • Advance information in BE_2  Formf or 1st fortnight of Oct of functions with booking cost more than rs 1 lakh in Banquet Halls, hotels etc. in Delhi for DVAT-27/09/2016
  • Return by banks in Form no. 26QAA for interest upto Rs. 5000 for September quarter.-30/09/2016
  • E-filling of reconciliation return of statutory forms for the year ending 2015-16-30/09/2016
  • Payment of TDS for the purchase of property for the month of August-30/09/2016
  • Due date for income declaration scheme  2016 is 30th September, no extension expected.

“In order to carry a positive action we must develop here a positive vision.”

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The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications. Continue reading

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FAQ on GST

FAQ on GST

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The Central Board of Excise and Customs has issue FAQ on GST. We are looking for your comments

FAQ on GST

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Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.
The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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GST – DRAFT RULES AND FORMATS

GST – DRAFT RULES AND FORMATS

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The Central Board of Excise and Customs has issue few draft Rules and Formats. We are looking for your comments in it by 28th September 2016 and we will forward the same to CBEC and GSTN.

The following drafts are attached for your reference:

  1. Draft Registration Rules
  2. Draft Registration formats
  3. Draft Payment Rules
  4. Draft Payment formats
  5. Draft Invoice Rules
  6. Draft Invoice formats

Respective changes in the Model GST Law are being going on separately.

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All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.


The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE SEPT 26, 2016

Professional Update For the Day:

tax

Direct Tax:-

IT: Penalty u/s 271B – assessee firm could not get the accounts audited within time limit prescribed u/s 44AB – there is no mala fide reason for not obtaining the accounts audited in time and penalty u/s 271B should not be imposed – M/s. Gemorium Vs ITO Ward-5(1), Jaipur (2016 (9) TMI 962 – ITAT Jaipur)

CBDT has issued office memorandum regarding withdrawal of notifications granting approval  u/s 35(1)(ii) of the Income-tax Act, 1961 in some cases.{ notification.No.203/09/2015/ITA.II  dated 21/09/2016}

IT: Late filing fee u/s 234E – late filing of TDS return prior to 01 JUN 2015 – demand notices u/s 200A for intimation for payment of fee u/s 234E can be said as without any authority of law and the same are quashed and set aside to that extent – Sri Fatheraj Singhvi & Others Vs Union of India & Others (2016 (9) TMI 964 – Karnataka High Court)

IT: Adjustment in respect of levy of fees U/s 234E was indeed beyond the scope of permissible adjustments contemplated U/s 200A – Little Servants of Divine Providence Charitable Trust Vs ITO (TDS), Alappuzha (2016 (9) TMI 960 – ITAT Cochin)

IT: Penalty u/s 271B – assessee firm could not get the accounts audited within time limit prescribed u/s 44AB – there is no mala fide reason for not obtaining the accounts audited in time and penalty u/s 271B should not be imposed – M/s. Gemorium Vs ITO Ward-5(1), Jaipur (2016 (9) TMI 962 – ITAT Jaipur)

IT: Assessee has directly deposited cash in the supplier’s account and has produced the bills, no evasion of tax by claiming the bogus expenditure in cash – Arun Kumar Mondal Vs ITO, W-2(2), Burdwan (2016 (9) TMI 995 – ITAT Kolkata)

INDIRECT TAX:-

ST: Reimbursable expenses cannot be added in the assessable value of the C&F, ST tax is payable only on the commission and not on the reimbursable expenses  – CCE, Indore Vs Virmani Enterprises (2016 (9) TMI 1025 – CESTAT New Delhi)

VAT & ST: Sale of apartment – petitioner doesn’t become works contractor unless it had already entered into a contract with potential purchasers – Oceanus Dwellings Pvt. Ltd. Vs C.T.O. & Ors (2016 (9) TMI 971 – Kerala High Court)

VAT & ST: Sale of apartment – petitioner doesn’t become works contractor unless it had already entered into a contract with potential purchasers – Oceanus Dwellings Pvt. Ltd. Vs C.T.O. & Ors (2016 (9) TMI 971 – Kerala High Court)

GST Updates:-

Under GST compounding dealer can switch to normal dealer during the year but he can’t change again to compounding dealer during same year.

GST: CBEC released Frequently Asked Questions (FAQ) on GST on 21.09.2016. Link athttp://www.cbec.gov.in/resources//htdocs-cbec/deptt_offcr/faq-on-gst.pdf

GST CBEC issues FAQ’S on Registration, Valuation, ITC, Assessment, Audit, Refund, Demand & Recovery, Appeals, Advance Ruling, Offence & Penalties etc.

SEBI Updates:-

 SEBI has issued circular in respect of Permission for trading in futures contracts and modification in contract specifications at exchange level.

SEBI has issued a clarification that ‘Income from Operations’ may be disclosed inclusive of excise duty, instead of net of excise duty, as specified in the Companies Act, 2013.

FAQ on Company Law:

Query:  Can a Pvt. Ltd. Company pay remuneration to its Ordinary Director (other than M.D/WTD) on Monthly, Quarterly or yearly basis apart from 1% or 3% of Net Profit as provided under Section 197 of The Companies Act, 2013?

Answer: Private Company can pay remuneration to director (other than M.D/WTD) without any limit subject to provisions contained in the Articles of Association of the Company. However by passing a board resolution you can fix/revise the remuneration of the directors in private company. 

MCA Update :

MCA released Companies (Management and Administration) Amendment Rules, 2016 vide Notification dated 23.09.2016.  : The Ministry of Corporate Affairs (MCA) has made an amendment to the Companies (Management and Administration) Rules, 2014. These rules may be called the Companies (Management and Administration) Amendment Rules, 2016 which shall come into force on the date of their publication in the Official Gazette.

Amendment is made to clarify the provision of Section 93 of the Companies Act, 2013 under which every listed company is required to file with the Registrar, a return in Form No. MGT.10, with respect to changes in the shareholding position of promoters and top ten shareholders of the company, in each case, representing increase or decrease by two per cent or more of the paid-up share capital of the company, within fifteen days of such change.

Further, Form MGT-6 which is Return to the Registrar in respect of declaration of beneficial interest in shares under section 89 by the company has also been revised.

OTHER UPDATES:-

The Union Cabinet has approved today the proposal of the merging of Union Finance Budget and Railway Budget. Now a Consolidated Budget shall be presented on February 1 every year instead of the last day of the month of February.

Cabinet approves Agreement between India and Samoa for exchange of information with respect to Taxes – See more at: http://taxguru.in/income-tax/cabinet-approves-agreement-samoa-tax-info-exchange.html#sthash.njfis8w1.dpuf

Cabinet approves extension of the validity of Central Orders dated 28.09.2015 in respect of edible oils and edible oilseeds and Central Order No. S.O. No. 2857(E) dated 18.10.2015 in respect of pulses from01.10.2016 to 30.09.2017.

Today is last date for e-payment of ESI, and for DVAT & CST pertaining to august, 2016.

ICAI Updates:-

ICAI: Please pay your Membership and COP fee for 2016-17 before 30 SEP 2016.

Key Dates:

Advance information in BE_2  Formf or 1st fortnight of Oct of functions with booking cost more than rs 1 lakh in Banquet Halls, hotels etc. in Delhi for DVAT -27/09/2016

Time, power, money & body may not cooperate every time in life but Good nature, good understanding, spiritual path & true spirit will always cooperate in life.

Silence is the strong fence around wisdom, If your foot slips, You can re-gain your balance, but if your tongue slips, you can never re-build your image again.

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The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications. Continue reading

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HIGHLIGHTS RESULTS OF THE GST COUNCIL MEETING HELD ON 22-23 SEPTEMBER,2016:

HIGHLIGHTS RESULTS OF THE GST COUNCIL MEETING HELD ON 22-23 SEPTEMBER,2016:

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  1. The threshold Annual Exemption Limit fixed at ₹ 20 Lac.
  2. The threshold limit for the north-eastern and hill states paged at ₹ 10 Lac.
  3. GST rates and tax slabs would be decided at three-day’s meeting during 17-19 Oct, 2016.
  4. GST rollout slated for 1st April, 2017.
  5. All cesses will be subsumed in the GST
  6. GST Council’s next meeting on 30th Sep, 2016 to finalise draft GST law / rules.
  7. The state authorities will have jurisdiction over assessees with annual turnover of less than ₹ 1.5 crore.
  8. Those with turnover of over Rs 1.5 Crores would be cross examination either by officers from the Centre or state to avoid dual control.
  9. The existing 11 Lac service tax assessees would continued to be assessed by the Centre.
  10. New assessees which would be added to the list would be divided between the Centre and the States.
  11. Council is working on a compensation law and draft compensation formula.
  12. The base year for calculating compensation would be 2015-16 and the formula for payment of compensation would be deliberated b/w the state and Central authorities.
  13. All decisions today by the GST Council were taken on the basis of consensus.

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Any dishonest act of CA isn’t a professional misconduct if it is done in Individual capacity

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Chartered Accountant Act, 1949: Where a CA sold his shares but continued to receive dividends declared by the Company by cheating upon transferee, such activity could not be said done in relation to practice as CA as such act of dishonesty was done in individual capacity. Thus, disciplinary committee’s proposal to remove CA’s name from registers of members of ICAI for 6 months was to be set aside.

Facts: 

  • A Chartered Accountant sold his shares in November 1999 however, share transfer deed for transfer of shares was lodged on November 04, 2004. In the meantime, CA continued to receive dividend declared by company for 5 years
  • The transferee made complaint about this conduct of CA before the Disciplinary Committee of the Institute of Chartered Accountants. The Disciplinary Committee found that the conduct of CA was wholly unworthy and amounted to professional misconduct.

On appeal the High Court held as under:

  1. In the instant case the respondent was acting as an individual in his dealings with the complainant which were purely commercial. While selling the shares held by him the respondent was not acting as a Chartered Accountant. He was not discharging any function in relation to his practice as a Chartered Accountant.
  2. In the decision reported as AIR 1958 SC 72 Council of Institute of Chartered Accountants & Anr. vs. B. Mukhreja, a Chartered Accountant who had been appointed as a liquidator was held liable for professional misconduct on the reasoning that Regulation 78 provided for a Chartered Accountant to act as a liquidator and thus while acting as a liquidator Sh. B. Mukhreja would be deemed to be in practice as a Chartered Accountant. The judgment brings out that the acts of omission or commission must relate to the offender acting as a Chartered Accountant and rendering service for remuneration and must be engaged in an activity which a Chartered Accountant would be entitled to be engaged in, wearing the hat of a Chartered Accountant.
  3. For example, a Chartered Accountant may drive rashly and negligently and in the process may kill a human being. This conduct would be an offence, but not a misconduct for the purposes of the Act
  4. The Disciplinary Committee’s proposal to remove CA’s name from registers of members of ICAI for 6 months was to be set aside. -[2016] 72 com 197 (Delhi)

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