Q34. Consider the following statements

1. Income Tax Appellate Tribunal functions under the Ministry of Finance.

2. ITAT is a quasi-judicial institution which is specialized in dealing with appeals under the Direct Taxes Acts.

Which of the above statement(s) is/are correct?

(a) Only 1

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(b) Only 2

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(d) None of the above

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Solution

The correct option is B
(b) Only 2

ITAT was set up by virtue of section 5A of the Income Tax Act, 1922.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. It functions under the Department of Legal Affairs in the Ministry of Law and Justice.

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Q34. Consider the following statements 1. Income Tax Appellate Tribunal functions under the Ministry of Finance. 2. ITAT is a quasi-judicial institution which is specialized in dealing with appeals under the Direct Taxes Acts. Which of the above statement(s) is/are correct?

Q34. Consider the following statements

1. Income Tax Appellate Tribunal functions under the Ministry of Finance.

2. ITAT is a quasi-judicial institution which is specialized in dealing with appeals under the Direct Taxes Acts.

Which of the above statement(s) is/are correct?