Power of Single member bench of ITAT increased

By | March 3, 2016

Single Member bench of Income Tax Appellate Tribunal

Finance Bill 2016 proposed to amend Section 255(3) so as to provide that a single member bench of ITAT may dispose of a case where total income as computed by the Assessing officer does not exceeds 50 Lakhs (Earlier it this limit was 15 Lakh)

Amendment in Section 255  the Income-tax Act will be applicabke with effect from the 1st day of June, 2016,.

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