| News Details --- (Get Professional Updates on Whatsapp, Msg on 8285393786) |
More News |
|
SC quash the disciplinary proceedings of ICAI against the CA in the matter of accepting more Tax Audit
|
| Posted Date : 17-May-2024 , 01:55:14 am | Posted By CASANSAAR |
Supreme Court quash the disciplinary proceedings initiated against the CA in the matter of ICAI barring members from accepting more than the "specified number of tax audit assignments" (at present, the upper limit is set at 60) in a financial year. Section 44 AB of Income tax act , popularly known as Tax Audit.
Apex Court observes as under:
We quash the disciplinary proceedings initiated against the petitioners on the basis of the doctrine of legal uncertainty
ICAI has, over time, received recognition as a premier accounting body domestically and globally for maintaining the highest standards. The ICAI has also played a significant role in ensuring the dynamism of the CA course and the credibility of the examination.
We commend that the ICAI must be committed towards the convergence of accounting and ethical standards with international standards, the true test, however, lies in enforcement of these standards.
In the circumstance, we dispose off the Writ petitions in the following manner:
1. Clause 6 of chapter 6 and the subsequent amendment is not violative of Article 19 (1)(g) and is a reasonable restriction.
2. This clause is deemed to be effect to from 1.04.2024. Consequently, all proceedings initiated… stand quashed.
3. Liberty is reserved to the respondent institute to enhance the number of audits that a CA can undertake.
4. Liberty is given to the petitioners and others which shall be considered whenever it is made.
Case Title : Shaji Paulose versus Institute of Chartered Accountants of India Transfer Case (Civil) No. 20/2021
|
Category : Tax Audit |
Comments :
0
| Hits : 2186 |
|
|
|
 |
|
|
|
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law |
|
|
|
|
|
|
|
|
