The prosecution was launched for issuing the Form No 15CCA for transferring the amount . The accused challenged the prosecution proceedings . Quashing the proceedings the Court held that\u00a0 in issuing form 15CA under rule\u00a037BB\u00a0of the\u00a0Income-tax Rules, 1962\u00a0, a chartered accountant is required only to examine the nature of the remittance and nothing more. The chartered accountant is not required to go into the genuineness or otherwise of the documents submitted by his clients. Held, that the accused Murali Krishna Chakrala\u00a0 had issued five form 15CB in favour of\u00a0 B.K.Electro Tool Products \u00a0which were handed over by him to his client Kiyam Mohammed \u00a0for which, a sum of Rs. 1,000 per certificate was given to him as remuneration. The prosecution Murali Krishna Chakrala\u00a0\u00a0 \u00a0in the facts and circumstances of the case at hand, could not be sustained.Court also observed that \u00a0the Chartered Accountant is required to only examine the nature of remittance and nothing more .<\/p>\n","protected":false},"excerpt":{"rendered":"
Prevention of Money Laundering Act , 2002 . <\/p>\n
S. 3: Offence of money -laundering -Offences And Prosecution \u2014 Money-Laundering \u2014 Auditor \u2014Transfer of foreign exchange -Fictitious Bank accounts – Issue of tax determination certificates in Form 15CCA without ascertaining genuineness of documents \u2014 Not an offence- The Chartered Accountant is required to only examine the nature of remittance and nothing more . [S. 4 , ITRules , 1962 , 37BB , Form 15CA , Indian Penal Code , 420, 465, 467, 471 Art. 226 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-39910","post","type-post","status-publish","format-standard","hentry","category-allied-laws"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-anI","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=39910"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39910\/revisions"}],"predecessor-version":[{"id":39911,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39910\/revisions\/39911"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=39910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=39910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=39910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}