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2016 (8) TMI 825 - HC - Indian LawsProfessional misconduct - removal of respondent No.1’s name from the Register of Members for a period of six months - whether respondent No.1 was discharging functions as a Chartered Accountant when he sold the shares? - Held that:- Member of the Institute would be deemed to be in practice when, for remuneration received or to be received the person performs the acts enumerated in the four clauses hereinabove noted. Section 30 of the Act confers power on the Central Government to make regulations. In the instant case the respondent was acting as an individual in his dealings with the complainant which were purely commercial. While selling the shares held by him the respondent was not acting as a Chartered Accountant. He was not discharging any function in relation to his practice as a Chartered Accountant.The Reference is accordingly answered by declaring the law as above and not inflicting any penalty upon the respondent.
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