Financial Daily from THE HINDU group of publications
Friday, Sep 03, 2004
Financial Daily from THE HINDU group of publications Friday, Sep 03, 2004 |
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Industry & Economy
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Taxation Cabinet nod for tax tribunal Bill Our Bureau
New Delhi , Sept. 2 THE Union Cabinet on Thursday approved a Bill that would pave the way for setting up of a National Tax Tribunal (NTT) having 25 benches across the country. The tribunal would examine cases relating to both direct and indirect taxes. Announcing the decision of the Cabinet, the Finance Minister, Mr P. Chidambaram, told newspersons that the NTT was being set up for speedy disposal of tax cases that are pending before various High Courts of the country. Besides the fast disposal of cases, the NTT is also expected to bring about uniformity in the decision making process. There are about 28,000 cases that are pending in various high courts of the country. An appeal issued from an order passed by Income-Tax Appellate Tribunal and Central Excise and Sales Tax Appellate Tribunal would come to the NTT only on substantial question of law The chairperson of the proposed NTT would be a retired judge of the Supreme Court or a retired Chief Justice of high court and would hold office for five years or till 68 years. The retirement age for other members would be 65 years. Each bench will have two judicial members. A selection committee consisting of Chief Justice of India or his nominee, Law Secretary and Revenue Secretary would select the chairperson and members. A fresh Bill is to be introduced in Parliament for the setting up of NTT as the earlier Bill introduced by the National Democratic Alliance (NDA) government had lapsed following the dissolution of the 13th Lok Sabha. The NDA Government on October 16, 2003 promulgated an ordinance for setting up a NTT. This ordinance ceased to operate on January 12, 2004. Several writ petitions were filed in various high courts against the National Tax Tribunal Ordinance, 2003.
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