Chartered Accountants Act, 1949

Virtual Soft Systems Ltd claimed a deduction for lease equalisation charges in its 1999-2000 income tax return. The Assessing Officer disallowed the deduction, but the Income Tax Appellate Tribunal allowed it, a decision upheld by the High Court. The Revenue appealed to the Supreme Court, questioning whether such a ded…

D.K. Agrawal, a chartered accountant, was alleged to have committed professional misconduct by depositing only the last digit of tax amounts and claiming full sums. The Institute of Chartered Accountants of India referred the complaint to its Disciplinary Committee, which reported that Agrawal was guilty of misconduct.…

The petition challenged the operation of multinational accounting firms (MAFs) in India through Indian chartered accountant firms (ICAFs) that used the same brand name, alleging violations of Sections 25 and 29 of the Chartered Accountants Act, the Companies Act, FDI policy, RBI and FEMA regulations, and the ICAI Code …

The Supreme Court interpreted the proviso to Section 2(15) of the Income Tax Act, 1961, which defines 'charitable purpose' for entities advancing 'any other object of general public utility' (GPU). The Court held that a GPU charity cannot engage in trade, commerce, or business, or provide services in relation thereto, …

The petitioners, chartered accountants, challenged the Council of the Institute of Chartered Accountants of India's Guidelines dated 08‑08‑2008 that capped the number of tax audits a member could undertake under section 44AB of the Income Tax Act. They argued that the restriction was beyond the Council's competence, vi…

The Council of the Institute of Chartered Accountants of India filed a complaint against Chartered Accountant Gurvinder Singh for allegedly selling 100 shares and transferring them to his own name, an act that was settled between the parties but nevertheless proceeded before the Disciplinary Committee. The Committee fo…

The Institute of Chartered Accountants of India (ICAI) sought reprimand of M.S. Rathi, a chartered accountant, for issuing certificates that allegedly showed the CIF value of imported raw materials instead of their actual value and for issuing such certificates without the units maintaining proper books of accounts. Th…

The Supreme Court considered an appeal by minority shareholders of Bharti Telecom Limited (BTL) who challenged the company’s reduction of share capital under s.66 of the Companies Act, 2013, alleging that the valuation and the notice were unfair and misleading. BTL had cancelled 28.4 million shares held by the appellan…

The Institute of Chartered Accountants of India (ICAI) filed transfer petitions under Article 139-A(1) seeking to move nine writ petitions from the Kerala, Madras and Calcutta High Courts to the Supreme Court. The writ petitions challenge Chapter VI of ICAI's Guidelines dated 08‑08‑2008, which caps the number of tax au…

The Supreme Court examined whether the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act) bars prosecution under the Indian Penal Code (IPC) for theft of sand and gravels from riverbeds. The Court held that offences under Section 21 of the MMDR Act (contravention of mining lease conditions) are distin…

Vimal Kumar Surana, who had passed the Chartered Accountant examination but was not a member of the Institute, impersonated a chartered accountant, prepared audit reports and forged the Institute's seal before tax authorities. The Institute filed a criminal complaint alleging offences under the Chartered Accountants Ac…