In Brief
The Institute of Chartered Accountants of India challenged the High Court's decision to set aside disciplinary action against a chartered accountant (M.S. Rathi) for issuing raw material consumption certificates showing imported values as CIF without verifying records. The Disciplinary Committee and Council had found professional misconduct. The Supreme Court upheld the High Court's reversal, holding that no material on record proved units paid more than stated CIF values merely because goods were imported, and that customs duty liability was not established. The Court noted that available books of accounts were never produced by the complainant, precluding adverse inferences against the respondent. The appeal was dismissed.
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