Misconduct by CA who surrendered COP-Supreme Court dismisses ICAI appeal. Practicing CA holding COP would be liable for punishment if misconduct is proved.
ABCAUS Case Law Citation:
ABCAUS 1147 (2017) (02) SC
Brief Facts of the Case:
The Hon’ble Madhya Pradesh High Court in 2007 had held that a chartered accountant who had ceased to be a member of the Institute of Charterd Accountants of India (ICAI) by surrendering his certificate and would not be liable for the punishment for misconduct.
ICAI has preferred a Civil Appeal before the Hon’ble Supreme Court challenging the order of the Hon’ble High Court.
The Hon’ble Apex Court on the question as to whether a practicing Chartered Accountant while he holds the certificate of practice issued by the Institute of Chartered Accountants of India would be liable for punishment for any misconduct committed during the existence of certificate, opined that if the misconduct is proved, such CA would be liable for appropriate punishment.
However, their Lordships dismissed the appeal observing that in the facts of this case, they were not inclined to interfere with the impugned judgment of the High Court.
However, the Hon’ble Supreme Court made it clear that the dismissal of this Appeal shall not be treated as a precedent.
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