What Is The Full Form Of ITAT In Income Tax?
ITAT full form in income tax is Income Tax Appellate Tribunal. This body was set up on January 25, 1941, under the Income Tax Act of 1922. All in all, it is a special group formed to look into disagreements that people might have with the decisions made by income tax officers. Working independently of the Department of Revenue, the ITAT can make just decisions without getting influenced by the department. It is the final authority in the settlement of tax disputes that do not need recourse to the High Court, being a part of the Ministry of Law and Justice.
Structure and Functioning:
ITAT has different teams, called benches, each made up of one judicial member and one accounting expert. This helps them understand the cases with their legal and financial details to decide. On very complicated issues, it can constitute larger teams. ITAT decisions are usually final unless a case involves a large legal question that has to go to the High Court.
Appealing to ITAT:
If someone doesn’t agree with a tax decision made by lower tax authorities, they can ask ITAT to look at it again. They must do this within 60 days of getting the decision, bring all necessary papers, and pay a fee. ITAT hears both sides, reviews the case, and gives its decision. It may decide the matter then and there or remand the case to the lower authority for reconsideration or, in an extreme case, may dismiss the case.