GOVERNMENT APPOINTS 31 MEMBERS IN TWO TRIBUNALS - 18 MEMBERS IN NCT AND 13 IN ITAT

GOVERNMENT APPOINTS 31 MEMBERS IN TWO TRIBUNALS - 18 MEMBERS IN NCT AND 13 IN ITAT

Context:

The government has appointed 31 people as judicial, technical and accountant members at the National Company Law Tribunal (NCLT) and the Income Tax Appellate Tribunal (ITAT). The NCLT deals with matters related to companies law and insolvency law whereas the ITAT deals with income tax matters.

About NCLT:

• It is a quasi-judicial body that adjudicates issues relating to companies in India.
• It was established on 1st June 2016 (Companies Act, 2013).
• It was established based on the suggestions of the Justice Eradi Committee.
• It deals with matters related to company law and insolvency law.
• Appointment of members is for 5 years from the date of assumption of charge or till attaining the age of 65 or until further orders.

About ITAT:

• It deals with income tax matters.
• It is a statutory body handling direct taxes and its orders are accepted as final, on findings of fact.
• It was the 1st Tribunal to be created on 25th January 1941 and is also known as ‘Mother Tribunal’.
• It functions under the Department of Legal Affairs in the Ministry of Law and Justice.
• The orders passed by the ITAT can be subjected to appellate challenge, on substantial questions of law, before the respective High Court.