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audit sec. 226(3)

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 November 2009 If a CA take advance audit fees from his client, would it be considerd as part of Indebtness which is given u/s 226(3).
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CA Balram Sharma

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CA Balram Sharma (Expert)
06 November 2009 NO
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
08 November 2009 An auditor cannot said to be indebted to the company within the meaning of section 226(3), where he is recovering his fees on a progressive basis even though the job is not complete.

Courtesy : - Compendium of Guidance Notes, September 1985, page 121.
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