According to media sources, The Supreme Court disposed off 573 direct tax cases in which the tax effect is less than five crore rupees in view of the revised monetary limit of filing of appeals. The Ministry of Finance informed this adding that the significant milestone aligns with the government’s efforts to reduce tax litigation and promote Ease of Doing Business. The Ministry said, 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 Supreme Court. For filing appeals for Income Tax Appellate Tribunal, the monetary limit was increased from 50 lakh to 60 lakh rupees, for High Courts, it was increased from one crore to two crore rupees and for Supreme Court it was raised from 2 crore to 5 crore rupees.
News & Image Source: newsonair.gov.in
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