CA CS CMA

Misconduct by CA who surrendered COP-Supreme Court dismisses ICAI appeal. Practicing CA holding COP would be liable for punishment if misconduct is proved

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.

Download Full Judgment

Related Update:
Implication of dismissal of SLP by Supreme Court by Non Speaking Order Click Here >>

Share

Recent Posts

  • Income Tax

Effect of reduced timeline for filing TDS Correction statements on TDS Credits

Effect on a common taxpayer of reduced timeline for filing TDS Correction statements on TDS Credits Income Tax Department has…

5 hours ago
  • Income Tax

Accounting principles and provisions of law do not permit addition of opening balance – ITAT

Accounting principles and provisions of law do not permit the addition in relation to an opening balance - ITAT In…

6 hours ago
  • Income Tax

Penalty for late supply of goods allowable deduction u/s 37 being not a crime or prohibited activity

Penalty levied for late supply of goods is an allowable deduction u/s 37 as late supply neither a crime nor…

2 days ago
  • Income Tax

Interest received from Cooperative banks allowable deduction u/s 80P to a Cooperative Society

Deduction u/s 80P(2)(d) towards interest received from cooperative banks is allowable to a cooperative society. In a recent judgment, Hon'ble…

2 days ago
  • Income Tax

SC to decide distinction in employees & employer contribution to PF, ESI for allowability u/s 43B

Supreme Court to decide difference between employees & employer contribution to PF, ESI for allowability under Section 43B of the…

2 days ago
  • Income Tax

No liability to collect TCS u/s 206C (1C) from person involved in illegal mining – SC

There is no legislative mandate to collect tax at source under section 206C (1C) from the person involved in illegal…

2 days ago