Section

SC discarded 573 tax cases post-revision in appeal filing: Finance ministry

By Business Standard - 4 days ago
The finance ministry on Tuesday said the Supreme Court has disposed of 573 direct tax cases after the monetary limits for filing appeals were revised in the Budget. The Union Budget 2024-25 provided for an enhanced monetary limit for filing appeals related to direct taxes, excise and service tax in the tax tribunals, high courts and the Supreme Court and the limits were increased to Rs 60 lakh, Rs 2 crore, and Rs 5 crore, respectively. "The Hon'ble Supreme Court today disposed of 573 direct tax cases where the tax effect is less than Rs 5 crore, in view of the revised monetary limit of filing of appeals," the finance ministry said. This significant milestone aligns with the government's efforts to reduce tax litigation and promote ease of doing business, it added. As a result of these revised limits, it is estimated that about 4,341 cases will be withdrawn from various judicial forums over the course of time. This includes ITAT: 717 cases, high courts: 2,781 cases and Supreme Court

Disclaimer : Mymoneytimes implements extreme caution and care in collecting data before publication. Mymoneytimes does not liable for the adequacy, accuracy or completeness of any given information. Hence we are not liable for any kind of direct or indirect loss caused by the use of such information.