04/03, 15:01] sekarreporter1: https://x.com/sekarreporter1/status/1764584318276690041?t=kSc9Qyu56lxSLr2aeQHxUA&s=08[04/03, 15:01] sekarreporter1: [04/03, 14:59] sekarreporter1: A finality to the 44AB audit issues to the CAs[04/03, 14:59] sekarreporter1: The Institute Accountants of India has admitted, today, in the Supreme Court that it did not have any information as to the number of audits done by its members u/s.44AB of the Income tax Act when the notices were issues. Such being the case, they had issued the notices on the audits increased under section 44 AB only by the report of the C&AG; Without obviously unable to verify the same.

[04/03, 15:01] sekarreporter1: https://x.com/sekarreporter1/status/1764584318276690041?t=kSc9Qyu56lxSLr2aeQHxUA&s=08
[04/03, 15:01] sekarreporter1: [04/03, 14:59] sekarreporter1: A finality to the 44AB audit issues to the CAs
[04/03, 14:59] sekarreporter1: The Institute Accountants of India has admitted, today, in the Supreme Court that it did not have any information as to the number of audits done by its members u/s.44AB of the Income tax Act when the notices were issues. Such being the case, they had issued the notices on the audits increased under section 44 AB only by the report of the C&AG; Without obviously unable to verify the same.
The Supreme Court thus has held that all the notices issued pursuant to the 44 A B audit violation cited by the CAG should be withdrawn by the Institute, as the notices have not been issued to all the CAs who have violated but only to a select few. Further the Court observed that with the mechanism in place, the violators now can be identified and action taken.
Further, it was also argued that the order contained line asking the Institute to revisit the regulation and the misconduct for exceeding the number of audits under section 44 AB. Which was not accepted by the court as it is not part of the prayer which has been cited, and refused to strike down the regulation which says that the excess audits done under Sec 44AB over and above the one stipulated by the institute would constitute misconduct.
Shri Arvind Datar, Senior Advocate appeared for the Institute of Chartered Accountant of India and many senior advocates from across the country appeared for the CAs. A City based Advocate and a CA B.Ramana Kumar represented over 15 chartered accountants.