New Delhi, Dec 16 (KNN) The Central Board of Direct Taxes (CBDT) has revised the monetary limits for filing appeals before the Income Tax Appellate Tribunal and the High Courts.
 
“The monetary limits for filing of appeals by the Department before the Income Tax Appellate Tribunal and the High Courts have been revised to tax effect of Rs 10 lakhs and Rs 20 lakhs, respectively, from the present limits of tax effect of Rs 4 lakhs and Rs 10 lakhs,” the Ministry of Finance said in a statement.
 
The revised limits have been made applicable retrospectively to pending appeals also.  Directions have been issued that pending appeals which are below the revised monetary limits may be withdrawn or not pressed.
 
Furthermore, CBDT has also issued an Office Memorandum   directing Principal Chief Commissioners to constitute a collegium of Chief Commissioners of Income Tax comprising of two officers in their respective Regions.
 
“This collegium will consider withdrawal of appeals filed by the Department in cases involving tax effect above the revised monetary limit from the High Court(s) if no question of law is involved, the issue is considered settled by the Department or the appeal is no longer relevant in view of subsequent amendment,” the Ministry said.
 
It is expected that the moves will help reduce the pending litigation filed by the department by 50 per cent. The moves will also bring relief to the taxpayers facing long standing litigation. (KNN Bureau)