82 M/s. ABC, a firm of Chartered Accountants received Rs. 2 lakhs in March 2018 from a client to pay the Advance Tax. However, the firm has used that money for its own purpose and later on adjusted the same with the outstanding fee payable. M/s. ABC will be deemed to be guilty of professional misconduct
(a) under clause 10 of Part I of Second Schedule of Chartered Accountants Act, 1949.
(b) under clause 4 of Part II of Second Schedule of Chartered Accountants Act, 1949.
(c) under clause 10 of Part I of First Schedule of Chartered Accountants Act, 1949.
(d) under clause 4 of Part I of Second Schedule of Chartered Accountants Act, 1949.
 
Answer “a” is correct

not depositing in seperate account and using it for personal purpose