Accounting regulator the Institute of Chartered Accountants in India said on Monday it has not violated any tax laws and the matter of tax exemption is pending with the department.

"It is clarified that exemption under section 10 (23 C) (iv) has not been withdrawn but the fact is that it is only pending with the Director General Income tax (Exemption)", the ICAI said.

The accountants body was reacting to reports about a tax assessment order by the I-T department, which found violations by ICAI such as failure to get their accounts signed by auditors, providing loans to partners without guarantee and interest and hiding income from coaching business.

However, the institute pointed out that a view taken by a particular officer in the department in a specific year is not final and said that it is sure to be eligible for exemption.

According to the tax authorities order dated December 31, the penalty was initiated for non-compliance of notice and for concealment of the particulars of income and furnishing of inaccurate particulars of income.

However, the ICAI clarified on Monday that 'there is no violation of tax laws, hiding/concealment of income including income from coaching activities . . .'

All the activities undertaken by ICAI, it added fall within the powers of the Council under the provisions of the Chartered Accountants Act while all the activities are eligible for claiming exemption.