The Hindu Business Line : Tax audits: ICAI to move SC against HC order

THE Institute of Chartered Accountants of India (ICAI) plans to move the Supreme Court in appeal against the Madras High Court order that ruled the institute's move to place restrictions on the number of tax audits that a chartered accountant could accept as "arbitrary" and in violation of the Constitution.

"We are going to challenge the Madras High Court order. The institute will file a special leave petition before the Supreme Court for this purpose. The restriction is a self-regulatory measure that is binding on all members. We believe that we have the powers to impose such restrictions," Mr Kamlesh Vikamsey, President of ICAI, told Business Line here.

He highlighted that the Madhya Pradesh High Court had in a similar case held that the notification (restricting the number of tax audits) was valid in law.

"The petitioner had moved a special leave petition before the Supreme Court in appeal against the Madhya Pradesh High Court order. The apex court had rejected the appeal," Mr Vikamsey said.

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