Union Of India (Uoi) And Ors. vs Sharwan K. Rajgarhia And Anr.

The Supreme Court held that the High Court erred in staying the operation of the Finance Act, specifically Chapter V of the Finance Act, 1994 as amended by Finance Act No. 2 of 1998, concerning Chartered Accountants, without providing compelling reasons. The Court emphasized that such stays are not typical unless justified by compelling circumstances, which were absent in this case. Consequently, the Court set aside the High Court's order dated 7th April, 1999, allowing the appeal.