Income Tax Appellate Tribunal

Income Tax Appellate Tribunal Latest News

Recently, a major automaker company of India said favourable to the Income Tax Appellate Tribunal (ITAT) order and is expected to have a positive tax impact, including interest, of approximately ₹13,000 crore.

About Income Tax Appellate Tribunal

• It is a quasi-judicial institution set up in January, 1941 and specializes in dealing with appeals under the Direct Taxes Acts. 
• It adjudicates appeals made under the Income Tax Act of 1961.
• Initial Structure: It was started in 1941 with six Members constituting three Benches – one each at Delhi, Kolkata (Calcutta), and Mumbai (Bombay).
• Present Structure: It presently has 63 Benches at 27 different cities.
• Nodal Ministry: It functions under the Ministry of Law and Justice.
• Composition 
  • President: The President of the ITAT constitutes a bench from among the members of the ITAT.
  • Member: Each bench has an accountant member and a judicial member.
  • Special Bench: In some cases, a special bench with three or more members may be constituted to dispose of income tax appeals.

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Functions of Income Tax Appellate Tribunal

• Hearing Appeal: It hears appeals concerning orders passed by the income-tax authorities.
• Dispute Resolution: ITAT serves as the final fact-finding body in tax disputes, offering both taxpayers and the income tax authorities a convenient platform to resolve disputes.
• It is the second forum to hear income-tax appeals after the Commissioner of Income-tax (Appeals)
• ITAT functions under the regional High Court’s jurisdiction and must adhere to the rules of the same.
• ITAT is subordinate to both the region’s High Court and the Indian Supreme Court.
• The orders passed by the ITAT are final. An appeal lies to the High Court only if a substantial question of law arises for determination.

Source: TH