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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As a result of these revised limits, it is estimated that about 4,341 cases will be withdrawn from various judicial forums over the course of time.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: 843 cases, it said.
Further, it is estimated that around 1,044 cases pertaining to specified legacy Central Excise & Service Tax cases are estimated to be withdrawn from various judicial forums. This include 253 cases in Supreme Court, 539 in high courts and 252 in CESTAT.
“These measures on the Direct tax and Indirect tax front are expected to significantly reduce the burden of tax litigation and expedite the resolution of tax disputes,” the ministry added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 24 2024 | 9:48 PM IS