Union Ministry of Finance raised monetary limit for filing appeals in Courts

The Ministry also decided to withdraw appeals filed by I-T department in ITAT and High Courts for cases involving tax effect of below the new monetary limit.

Created On: Dec 16, 2015 16:00 ISTModified On: Dec 16, 2015 15:59 IST

The Union Ministry of Finance on 15 December 2015 raised the monetary limit for filing appeals to 10 lakh rupees in Income Tax Appellate Tribunal (ITAT) and 20 lakh rupees in High Courts. With this, the ministry seeks to reduce tax litigation by about 50 percent.

The Ministry also decided to withdraw appeals filed by I-T department in ITAT and High Courts for cases involving tax effect of below the new monetary limit. There are 75000 such cases pending in ITAT and HC.

However, he added the cases involving substantive question of law would be pursued irrespective of the monetary limit.

The Ministry also decided to set up a collegium of two Chief Commissioners to decide on withdrawal of appeals filed by the department. This collegium will consider withdrawal of appeals filed by the Department in cases involving tax effect above the revised monetary limit from the High Courts.

Now get latest Current Affairs on mobile, Download # 1  Current Affairs App

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

AndroidIOS
Comment ()

Post Comment

7 + 5 =
Post

Comments