TaxTMI 
TaxTMI 
2016 (4) TMI 175
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....Chartered Accountants, registered under the Societies Registration Act, 1860. Petitioners no.2 to 6 are said to be practising Chartered Accountants. The petitioners seek to challenge the amendment to Section 63 of the Karnataka Co-operative Societies Act, 1959 (Hereinafter referred to as the 'KCS Act', for brevity), whereby auditing of accounts by Cost Accountants of a firm of Cost Accountants is permitted. 2. It is asserted that the KCS Act was enacted by the State Legislature as legislation in respect of the subject 'co-operative societies', which finds place under Entry 32 of List II of the Seventh Schedule to the Constitution of India. With the 97th Constitutional Amendment Act, 2011, having received the assent of the ....
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....tion of two distinct classes of professionals. A Chartered Accountant is governed by the Chartered Accountants Act, 1949, whereas a Cost Accountant is governed by the Cost and Works Accountant Act, 1959. The petitioners have depicted the distinction between the two professions, in a tabular form, thus : CHARTERED ACCOUNTANT COST ACCOUNTANT Thorough knowledge of every aspect of accounting, auditing and taxation Knowledge of cost and financial management to ensure a fine balance between expenditures and available recourses CAs are involved in core accounting work of an organisation Cost accountants are involved in the costing part of financial transactions CAs analyse risk and design efficient financial system Cost accountants assess ....
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.... firm in Section 63 of the KCS Act. 4. Shri Udaya Holla, Senior Advocate, appearing for the counsel for the impleading applicants, would contend that the petitioners have suppressed the fact that they had earlier filed a writ petition on identical grounds before the Dharwad Bench of this Court and the same having been dismissed, the petitioners are precluded from presenting the present petition. On merits, it is pointed out that the petition is misconceived as the Curriculum of the Cost Accountants is similar to that of Chartered Accountants and the services rendered by both are almost similar and various Central and State enactments empower auditing being carried out by the Cost Accountants. A list of 46 such statutes are specified in th....