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This Bombay High Court ruling in Principal Commissioner of Income Tax vs. M/s Buniyad Chemicals Ltd. underscores the regulatory responsibilities of The Institute of Chartered Accountants of India set up by an act of parliament. The Institute of Chartered Accountants of India is established under the Chartered Accountants Act in addressing financial misconduct by former CAs. The bench of Justice M.S. Sonak and Justice Jitendra Jain questioned whether ICAI is taking action against CAs who, despite surrendering their COP, are involved in illegal financial activities.
Key Takeaways from the Bombay High Court Judgment in the matter of Principal Commissioner of Income Tax vs. M/s Buniyad Chemicals Ltd
This Bombay High Court ruling is a significant directive for the ICAI to take strict action against CAs operating without a COP also engaged in misconduct. High Court judgement strengthens ICAI’s authority to act against former professionals misusing their expertise. Also Emphasizes professional accountability beyond active practice. High Court ask to reinforce judicial oversight on financial irregularities. And Sends a clear message against fraudulent practices like accommodation entries for CA’s. Bombay High Court Judgment Sets a precedent for stricter oversight of financial misconduct by ex- Chartered Accountants.
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