Day: March 24, 2017

51 CAs and 3 CSs on radar in I-T crackdown against black money

The ED will initiate action against them soon. The professionals are likely to face action in a case of money laundering to the tune of Rs 11,000 crore. As many as 54 chartered accountants and company secretaries are under scanner of the income tax (I-T) department and the Enforcement Directorate for money laundering through shell companies, according to sources. The ED will initiate action against them soon. The professionals are likely to face action in a case of money laundering to the tune of Rs 11,000 crore. The agency had arrested two people Virendra and Surendra Jain in connection with the case four days ago. The agency is likely to send them notices soon for questioning, may initiate action under provisions of the Money Laundering Act. These professionals are instrumental in circulating black money. COME CLEAN BY MARCH 31: I-T DEPT TO BLACK MONEY HOARDERS The income tax department today warned black money holders that it has “information” about their illegal deposits and they should avail the soon-to-end Pradhan Mantri Garib Kalyan Yojna (PMGKY) window to come clean on their unaccounted wealth or “regret later”. The window under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) closes on March 31. Advertisements issued in national dailies said that the income tax department has information about your deposits. The department also said that total “confidentiality is ensured” to those who declare their...

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Professional Misconduct of CA Results Investigation of ICAI – Direction By NCLT

Case – East India Investments Holdings PTE Ltd Vs Mr Sudhindran Parikkal & Mr Chockalingam – NCLT Chennai bench. Misconduct on the part of chartered accountants- NCLT refers the case to the institute of chartered accountants for investigation. It was alleged by the petitioner that Respondents are being chartered accountants who certified the company documents such as DIR-12 and INC-22 without proper verification and without following the procedures laid down in the declaration contained in the certificates. It was contended by the petitioners that the practising professionals colluded with company and certified the documents with the mala-fide intentions mainly for promoting personal gain and with an intention to defraud. The petitioner considered the erred chartered accountants and included them in the petition and prayed for a direction to the Institute of Chartered Accountants of India to initiate disciplinary action against the erred professionals. The chartered accountants averred their innocence and claimed immunity against false allegation as they certified the documents on the basis of the information provided by the company officials. The petitioner argued that if such kind of misconduct is not taken note of , then , the same is likely to encourage other such chartered accountants to follow suit where the reputation of Chartered Accountants Institute will be finally in peril. In this case, the NCLT referred the allegations on the chartered accountants involved and directed the Institute of Chartered...

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