Highest penalty of Rs 50 lakh in recent years was slapped by NFRA on a chartered accountant for professional misconduct that enabled business services provider Quess Corp to claim undue income tax deduction of almost Rs 971 crore over three years. Subsequently, NFRA looked into the professional conduct of the chartered accountants and their firms involved in the certifications that formed the basis of the income tax deduction claims.
In August 2022, Director General of Income Tax (Investigation), Bengaluru, had shared information about the claim of deduction under Section 80JJAA of Income Tax Act totalling Rs 1,135.41 crore by Quess based on Form 10DA issued by two chartered accountants for 2016-17, 2017-18, 2018-19, 2019-20, and 2020-21.
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