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News: Maruti Suzuki India received a favourable ITAT order in tax matters covering eight financial years, with an estimated tax impact of ₹13,000 crore, including interest.
About Income Tax Appellate Tribunal (ITAT)
- The Income Tax Appellate Tribunal (ITAT) is a quasi-judicial institution that hears appeals under direct tax laws.
- Establishment: It was established in January 1941 under Section 5A of the Income Tax Act, 1922.
- It is known as the ‘Mother Tribunal’ because it is the oldest tribunal in the country.
- Nodal Ministry: It functions under the Ministry of Law and Justice.
- Initial Benches: Initially, it had three Benches in Delhi, Kolkata and Mumbai.
- Present Structure: ITAT currently has 63 Benches across 27 cities, covering almost all cities with a High Court.
- Composition:
- President: The President constitutes Benches from among ITAT members.
- Regular Benches: Each Bench has one judicial member and one accountant member.
- Special Benches: A Special Bench with three or more members may be formed to decide tax appeals.
- Functions:
- Hearing Appeals: It hears appeals against orders passed by income-tax authorities.
- Dispute Resolution: It provides a platform for taxpayers and income-tax authorities to resolve tax disputes.
- Final Fact-Finding Body: It examines facts related to tax disputes.
- Power: An appeal against an ITAT order can be filed before the High Court only when a substantial question of law arises for determination.
