TaxTMI 
TaxTMI 
2018 (12) TMI 794
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....id examination. Notice was thus issued on this limited ground. Hence, this Court is adjudicating only this limited aspect. 2. Facts necessary and relevant to deal with the issue are that the CMA Examination is conducted in three stages. Stage I is called foundation course, Stage II is intermediate course and Stage III is called final course. (1) Foundation Course - Paper 1: Origination and Management Fundamentals Paper 2: Accounting Paper 3: Economics and Business Fundamentals Paper 4: Business Mathematics and Statistics Fundamental (2) Immediate Course Group I Paper 5: Financial Accounting Paper 6: Commercial and Industrial Laws and Auditing Paper 7: Applied Direct Taxation Group II Paper 8: Cost and Management Accounting Paper 9: Operation Management and Information Systems Paper 10: Applied Indirect Taxation (3) Final Course Group III Paper 11: Capital Market Analysis & Corporate Laws Paper 12: Financial Management & International Finance &....
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....each of the remaining papers of that stage or Group (under the old Syllabus), shall be allowed the benefit of carry forward of the actual marks so obtained by him in the papers in which he had obtained 60 per cent, or more marks for the purpose of computing his result in the subsequent examinations: PROVIDED that if the benefit of exemption or carry forward mentioned in clauses (i) and (ii) above is voluntarily withdrawn by a candidate, he shall not be entitled to such benefit in his future attempts. Amended Regulation:- (2) A candidate who is not declared successful in a Stage or Group under the old syllabus of any examination but who has appeared in all the papers of that stage or group- (i) obtains 60 per cent or more of the total marks in any paper or papers shall be exempted in subsequent examinations from that or those papers in which he secured 60 per cent or more marks; or (ii) obtains 60 per cent or more of the total marks in any paper and a minimum of 40 per cent of the total marks (under the revised syllabus) or 35 per cent of the total marks (under the syllabus) in each of the remaining papers of the Stage or Group (under the....
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.... Hon'ble Court that this Hon'ble Court may graciously be pleased to: a) Pass a writ of mandamus, or a writ, order or direction in the nature of mandamus declaring the petitioner entitled for exemption from appearance in the business valuation paper for final CMA exam conducted in June, 2014 by the Respondent (the institute): b) Pass a writ of mandamus, or a writ, order or direction in the nature of mandamus directing the Respondent (the Institute) to declare the petitioner as a successful candidate in the final CMA exam conducted in June, 2014; c) Pass any other and such order(s) that this Hon'ble Tribunal may deem fit in the interest of justice." 7. The learned Single Judge has upheld the action of the respondent and has dismissed the writ petition on the grounds that the appellant had not challenged the power of the respondent to amend the Regulations and the amendment has not been applied retrospectively. The learned Single Judge has further observed that the limited exemptions given in December, 2012, June, 2013 and December, 2013 were consistent with the amendment and therefore could not be faulted. The Court has further relied on a judgment of th....
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.... to modifications from time to time. Reference should be made to relevant notifications in this regard, as may be issued by the Institute from time to time." 10. The attention of this Court was also drawn to Page No. 305 of the same prospectus wherein it was further stipulated that if a student obtains 60% marks in any examination, the benefit of exemption will be allowed only for three successive terms of the examination. He pointed out to a document at Page 307 which were FAQ's and wherein in an answer to question No. 11, it was clarified that the exemptions would only be for three successive terms. It was further argued that the appellant had infact applied even for the December, 2014 Examination on 07.10.2014 and therefore, it is obvious that he knew that he was not given any exemption for June, 2014. 11. Having heard both the sides, we are of the view that the appellant is not entitled for the exemption sought in Paper '18' of Group IV of the final CMA Examination. The appellant has not been able to prove that he had sought any exemption in Paper '18' for the June, 2014 as contended by him at the time of admission of this appeal. The form shown to us at Page 364 is an On....