79th Foundation Day of ITAT

• 25 Jan 2020

Why in News

Recently, the Income Tax Appellate Tribunal (ITAT) celebrated its 79^th foundation day.

Income Tax Appellate Tribunal

• Establishment: Income Tax Appellate Tribunal (ITAT) is a quasi-judicial institution set up in 1941under section 5A of the Income Tax Act, 1922.
  
  • Initially, it had three Benches at Delhi, Kolkata (Calcutta) and Mumbai (Bombay).
    
    • But presently ITAT has 63 Benches at 27 different stations covering almost all the cities having a seat of the High Court.
  • ITAT is referred to as 'Mother Tribunal' being the oldest Tribunal in the country.
• Functions: It deals with appeals under the Direct Taxes Acts namely, the Income-tax Act, 1961.
  
  • The orders passed by the ITAT are final, an appeal lies to the High Court only if a substantial question of law arises for determination.

Source: TH