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New Delhi , Sept. 25

THE Union Law Minister, Mr Arun Jaitley, on Thursday urged the Income Tax Appellate Tribunals (ITAT) to improve the quality of their judgements even as he highlighted that a judicial or quasi-judicial matter had wider ramifications on attracting foreign investments into the country.

Inaugurating a national conference on ITAT here, Mr Jaitley held that pending cases at ITAT were affecting the revenues of the Government. He said that in the next 2-3 years, appeals filed before a tribunal should be dispensed within a month.

Speaking about his visit to Hong Kong for attending a global investors' meet, he said that investors prefer to invest in a country where there is stability in implementation of policies and fiscal procedures. "I got the feeling that these investors, with deep pockets, are looking for opportunities to invest in India. But investors look at hardcore economic parameters and invest where they hope to get a better return," he added.

Mr Jaitley said that foreign investors highlighted that "a judgement" could destabilise their investments in a country, and that they would prefer to invest in a country where there is stability of policy and fiscal procedures.

"If we want to be a robust economy, fiscal deficit has to be reduced. Fiscal laws have to be implemented correctly and expeditiously," Mr Jaitley said.

The ITAT President, Mr V. Dongzathang, said the tribunal was able to reduce the number of pending cases after the Government approved 15 additional benches in 1997.

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