October, 11, 2018
The Institute of Chartered Accountants of India (ICAI) has mandated the use of UDIN by the
Chartered Accountants from 1st January 2019. The Division Bench of Hon’ble Calcutta High
Court had passed an order on 21st June, 2018 in the matter of ITAT 22/2015 in respect of Binod
Kumar Agarwala vs Commissioner of Income Tax wherein ICAI was directed to initiate
appropriate action against the concerned Chartered Accountants firm. The Hon’ble High Court
while passing the orders observed that the firm had prepared Balance Sheet of the assessee i.e.
Shri Binod Kumar Agarwala by projecting a rosy picture as to the credit worthiness of the
assessee for the purpose of availing credit facilities from the Bank.
The ICAI, on the basis of the orders of Hon’ble High Court, issued a show cause notice to the
Firm calling upon its explanation in this regard. However, the said Firm of Chartered
Accountants have vehemently denied stating that their Firm had not prepared those documents
and their signatures and stamp has been forged. The firm had also submitted of having filed a
FIR with Khargpur Police and a sworn affidavit affirming their non-association in this matter.
However, Director (Discipline), ICAI is further examining the matter. It may also be further
stated of late, an increasing trend to forge the stamp and signature of Chartered Accountants was
seen. ICAI, as the regulator of accountancy profession, as a proactive step, has introduced
Unique Document Identification Number (UDIN) and it will be mandatory for all practicing
Chartered Accountants w.e.f. 1st January, 2019 to register all certificates issued by them with
UDIN portal which can be verified by users/stakeholders.
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