ANNOUNCEMENT

Sub. : SLP (Civil) No. 14370-71 of 2005 before Supreme Court against common Order dtd 24.3.2005 of Division Bench of Madras High Court, quashing notification nos. 1-CA(7)/3/88 dated 13.1.89 of the Institute fixing ceiling on tax audit assignment under Section 44AB of the Income-tax Act, 1961 and 1-CA(7)/158/87 dated 25.5.87 relating to minimum audit fee.
 

Shri K. Bhagvatheswaran, Chartered Accountant, Chennai had filed the Writ Petition no. 5925 & 5926 in 1989 challenging the notification no. 1-CA(7)/3/88 dated 13.1.1989 fixing ceiling on tax audit assignment under Section 44AB of the Income-tax Act, 1961 and 1-CA(7)/158/87 dated 25th May, 1987 relating to minimum audit fee issued by the Council of the Institute. Single Judge of Madras High Court by common order dated 13.7.1998 allowed both the writ petitions and quashed both the notifications. Feeling aggrieved against the said order, the Institute had filed Writ Appeals no. 1452 & 1453 of 1998 in Madras High Court. The Division Bench of Madras High Court by common order dated 24.3.2005 dismissed the said writ appeals.

 

The Institute filed cited SLPs before the Supreme Court challenging the aforesaid order of Division Bench of Madras High Court. The cited SLPs came up for admission on 29th July, 2005 before Division Bench of Supreme Court comprising Hon'ble Mr. Justice B.N. Agarwal and Hon'ble Mr. Justice S.H. Kapadia. The Court has been pleased to issue notice to the Respondent in the SLPs and also stayed the order of the Madras High Court.