Recently, Income Tax Appellate Tribunal-ITAT celebrated its 79th Foundation Day.
Income Tax Appellate Tribunal-ITAT:
- The Income Tax Appellate Tribunal is a quasi-judicial institution which was established in the year 1941 under Section 5A of the Income Tax Act, 1922.
- Initially it had three benches in Delhi, Kolkata (Calcutta) and Mumbai (Bombay) but currently it has 63 benches at 27 different stations covering almost all cities.
- It is also called ‘Mother Tribunal’ which is the oldest tribunal in the country.
It deals with appeals made under the Direct Taxes Act like the Income Tax Act, 1961.
The decision given by it is considered final. (But if any important question arises regarding the decision given, the appeal can be made in the High Court.)