ICAI to take disciplinary action for quoting very low & incommensurate fee by Chartered Accountants

ICAI to take disciplinary action for quoting very low and incommensurate fee by Chartered Accountants

As per the announcement made by ICAI, it has decided that wherever the fee quoted by a Chartered Accountant or the CA firm is extremely low and is not commensurate with the size, value, volume, manpower requirement and nature of work, the matter can be referred to Director (Discipline) for appropriate action. It has been clarified that this decision shall not be affected whether or not the tender is issued in the area of service exclusively reserved for chartered accountants.

A tender bid is considered unresponsive if the quoted price is abnormally low and raises serious concerns regarding the bidder’s ability to perform the contract in accordance with the prescribed standards. An unusually low quotation may inter alia indicate some ulterior and malafide practice on the part of the bidder.

• AO can’t take two different stands on immunity u/s 270AA(2) for a same transaction
• ITAT held 2000 gram jewellery reasonable in view of customary practices & CBDT Instruction
• Documents obtained post search & information obtained from public domain not incriminating material
• No second reopening for unexplained credits in bank due to bank’s name change
• FDCM invites application for empanelment of practising CAs/ Chartered Accountant Firms