Deferred ICAI Code of Ethics 2019 to be applicable from 1st April 2022
Applicable date of certain deferred provisions of Volume-I of Revised Code of Ethics, 2019.
ICAI has announced that the following provisions of Volume-I of Code of Ethics 2020 which has been earlier deferred due to covid-19 pandemic shall become effective from 1st April 2022:
| Provisions | Sections |
| 1.Responding to Non-Compliance of Laws and Regulations (NOCLAR) | Sections 260 and 360 |
| 2. Fees – Relative Size | Paragraphs 410.3 to R 410.6 |
| 3. Taxation Services to Audit Clients | Sub section 604 |
Except the above provisions all other provisions of revised Code of Ethics are already applicable w.e.f 1st July, 2020
The revised 12th edition of Code of Ethics has come into effect from 1st July, 2020. It is accessible on www.icai.org at the following links:-
Code of Ethics Volume – I
https://resource.cdn.icai.org/55133CodeofEthics-2019.pdf
Code of Ethics Volume – II
https://resource.cdn.icai.org/60018code-of-ethics-2020vol2.pdf
Code of Ethics Volume –III (Case Laws Referencer)
https://resource.cdn.icai.org/59111esb48239.pdf
- Order u/s 263 enhancing disallowance quashed as CIT (A) has power of enhancements – ITAT
- Penalty section cannot be subject matter of revisionary jurisdiction under section 263
- Related party transaction u/s 40A(2) shall be treated as bona fide, unless evading tax
- ‘Transfer of property’ not include ‘acquiring’ of property or ‘purchasing’ of property – ITAT
- AO was not justified in questioning cash withdrawals from bank account – ITAT
