The Income Tax Appellate Tribunal (ITAT) on Monday held a meeting of its members through video conferencing.
The Income Tax Appellate Tribunal (ITAT) on Monday held a meeting of its members through video conferencing.
Presided over by Justice PP Bhatt, President of ITAT, the conference was organised over the topic ‘The Direct Tax Vivad Se Vishwas Act, 2020’. Representatives from all over the country attended the discussion through video conferencing.
According to a press release, Justice Bhatt emphasized the need of stakeholders’ participation in the Alternative Dispute Resolution Mechanism and explained the keen interest being evinced by the Central Government to create a dispute-free tax collection system.
PC Mody, Chairman, CBDT explained the objective behind the scheme and explained to the audience that the government as well as the Board have undertaken a massive exercise of considering the suggestions from every corner, for proposing suitable amendments to the Act and also clarifying the doubts by way of answers to the frequently asked questions. Noting that no scheme could be conceived with all the perfections, he assured that the government and the Board are open for suggestions and comments from every stakeholder for better implementation of the scheme in its letter and spirit.
The release further said that one representative from each of the ten Bar Associations participated in the discussions and deliberations by making several important suggestions for effective implementation of the scheme and also seeking clarification in respect of certain queries which go to the core of the implementation of the scheme.
The representatives of the Bar Associations unanimously expressed the opinion that the scheme itself is a wonderful piece of legislature that has come after a long time. They expressed a feeling that the unique initiative of holding the technical session by the ITAT would go a long way in facilitating the implementation of the scheme and the expertise of the speakers on the subject reflected in their dealing with the subject and had thrown a new light in the understanding of the nuances, the release said.
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