Raising the income-limit of the cases that may be decided by single member bench of ITAT

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..... Raising the income-limit of the cases that may be decided by single member bench of ITAT
Query (Issue) Started By: - Admin TMI Dated:- 28-2-2015 Last Reply Date:- 28-2-2015 Income Tax
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Income Tax
Question - What the propose in Finance Bill 2015 regarding the powers of single member bench of ITAT? Reply By Admin TMI: The Reply: Raising the income-limit of the cases that m .....

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..... ay be decided by single member bench of ITAT The existing provision contained in sub-section (3) of section 255 of the Income-tax Act provides for constitution of a single member bench and a Special .....

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..... Bench. It provides that single member bench may dispose of any case which pertains to an assessee whose total income as computed by the Assessing Officer does not exceed five lakh rupees. The limit of .....

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..... five lakh rupees for a single member bench was last revised in 1998. Accordingly, it is proposed to amend sub-section (3) of section 255 of the Income-tax Act so as to provide that a bench constitut .....

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..... ed of a single member may dispose of a case where the total income as computed by the Assessing Officer does not exceed fifteen lakh rupees. This amendment will take effect from 1st day of June, 2015 .....

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Discussion Forum - Knowledge Sharing .....

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