The Hindu : Business : ICAI welcomes Tax Tribunal Bill

Online edition of India's National Newspaper
Tuesday, Dec 28, 2004

Business

Business

ICAI welcomes Tax Tribunal Bill

By Our Legal Correspondent

NEW DELHI, DEC. 27. The Institute of Chartered Accountants of India has complimented the Union Finance Minister, P. Chidambaram, for another structural reform in the administration of the tax laws by introducing the National Tax Tribunal Bill, 2004.

In a release, the institute says it has all along advocated the need for the constitution of such an apex tribunal for the resolution of the disputes in tax related matters, direct and indirect. A highly specialised tribunal at the national level would not only result in increase in the collection of revenue but also expedite the process of adjudication. This would not only relieve the assesses from the burden of pursuing the tax disputes for a very long period but would also substantially relieve the work load of the High Courts. The institute, however, feels that the composition of the tribunal as proposed in the Bill for the persons with judicial background or those having experience of the Income Tax Appellate Tribunal need to be reviewed to make it more broad-based.

The entire profession as well as the ICAI are very much concerned with the incorporation of Clause 13 (2) in the Bill, which does not allow Chartered Accountants to present the case before the Tribunal on behalf of the Central Government.

This is not logical since Chartered Accountants are allowed to present the case of the assessees before the Tribunal. Hence theses provisions need amendments, the press release adds.

Printer friendly page
Send this article to Friends by E-Mail

Business