granted.
2. The appellant Institute of Chartered Accountants of India (for short
`ICAI') is a body corporate established under section 3 of the Chartered ... first respondent appeared in the Chartered Accountants'
final examination conducted by ICAI in November, 2007. The results were
declared in January 2008. The first
accounting standards laid down by the Institute of Chartered Accountants of India (ICAI). These accounting standards require the liability to be revised in the very ... prescribed by the Central Government. The accounting standards prescribed by the ICAI are also required to be followed by the assesseds. This has received recognition
permission granted to them by the Institute of Chartered
Accountants of India (ICAI). Since the issue raised in Writ Petition
(Civil ... Code of Conduct laid down
by the ICAI. Reference has been made to the Report dated 15 th
September, 2003 of Study Group
Guidance
Note issued by the Institute of Chartered Accountants of India
(ICAI)?
5
Rival submissions:-
6) At the outset, learned senior counsel for the Revenue ... settled principle that a Guidance Note issued by
the ICAI carries great weight and by adopting a method of
accounting prescribed in such a Guidance
institute had
advanced an interest free loan to a sister concern, namely ICAI
Accounting Research Foundation, of Rs.565.20 lacs. The
petitioner-institute
following the guidelines issued by the Institute of Chartered Accountants of India (ICAI) on "Accounting of income, depreciation and other aspects for leasing company ... According to the assessing officer, the said guidelines issued by ICAI on creation of lease equalization charge was only recommendatory and not mandatory. He held
Icai Accounting Research Foundation & ... vs Director General Of Income Tax ... on 28 August, 2009
Author: A.K. Sikri
Bench: A.K. Sikri , Valmiki ... Reserved on : August 13, 2009
Pronounced on : August 28, 2009
ICAI Accounting Research Foundation & Anr. . . . Petitioner
through : Mr. N.K. Poddar, Sr. Adv. with
actuarial
valuation report following mandatory AS-15 ( Revised 2005 ) prescribed by
ICAI, on the ground that such expenditure come within ambit of the provisions ... actuary under mandatory AS 15 (Revised 2005) on
employee benefits issued by ICAI, on the ground that such expenditure come
within ambit
taxes and has submitted that Accounting Standard 22 issued by the ICAI makes it amply clear that this is nothing but accounting for taxes ... Companies Act , which also requires adherence to the Accounting Standard prescribed by ICAI for system and treatment of accounting of individual/ specific/class of actual
officer. While doing so, he held that the method prescribed by the ICAI is perfectly alright as long as depreciation is claimed as per Companies ... lease equalisation charge as suggested in the Guidance Note issued by the ICAI. Concluding his arguments, the learned counsel submitted there is no justification
