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19 judgments · newest first · showing 1–19
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 …
The petitioner, a chartered accountancy firm, challenged a memo dated 07.03.2025 that blacklisted and delisted it for five years without a valid show‑cause notice or hearing. The firm argued that the Registrar of Cooperative Societies, Bihar, lacks statutory authority under the Bihar Cooperative …
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 …
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 …
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 …
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 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 …
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, …
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 …
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 …
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 …
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 …
The Supreme Court examined whether a pre‑decisional hearing must be afforded before an Assessing Officer orders a special audit under Section 142(2A) of the Income Tax Act, 1961. The Court held that, although the provision is silent, the order has civil consequences and therefore the principles of …
The Institute of Chartered Financial Analysts (ICFAI) offered a Chartered Financial Analyst (CFA) programme and the Council of the Institute of Chartered Accountants of India (ICAI) issued a notification stating that any Chartered Accountant (CA) who obtained the CFA qualification and did not …
The appellants, assessees under the Income Tax Act, were subjected to a raid that uncovered two separate sets of books of accounts, prompting the Deputy Commissioner to propose a special audit under Section 142(2A). The Commissioner approved the proposal without giving the appellants any notice or …
Punjab National Bank (PNB) initiated disciplinary proceedings against two assistant managers, Misra and Goel, after a Rs 1 lakh shortage was discovered in a currency chest. An inquiry officer found Misra guilty of only one charge and exonerated Goel of all charges, but the bank's disciplinary …
The Institute of Chartered Accountants of India (the Council) issued a notice to Price Waterhouse for alleged professional misconduct in preparing a booklet for EXIM Bank. After a written statement, the Council referred the matter to its Disciplinary Committee, which reported a finding of "not …
The Institute of Chartered Accountants of India (ICAI) and its Secretary rejected the nominations of Inder Chand Jain for election to the Council because the nominations, sent by registered post on May 17 and 18, 1991, were received after the deadline of 5 p.m. on May 21, 1991. Jain challenged the …
The Institute of Chartered Accountants of India referred three members to its Disciplinary Committee for alleged professional misconduct relating to a management consultancy brochure. The Committee held a hearing, found the members guilty and reported its conclusions to the Council, which recorded a …
