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With reference to the Tribunals, consider the following statements:
1. The National Company Law Tribunal (NCLT) deals with matters mainly related to companies law and the insolvency law, while the Income Tax Appellate Tribunal (ITAT) deals with income tax matters.
2. The appointments will be for five years from the date of assumption of charge or till attaining the age of 65 or until further orders.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
With reference to the Tribunals, consider the following statements:1. ...
The government has appointed 31 people as judicial, technical and accountant members at the NCLT and the ITAT, amid the Supreme Court flagging concerns about vacancies in various tribunals.
- The National Company Law Tribunal (NCLT) deals with matters mainly related to companies law and the insolvency law, while the Income Tax Appellate Tribunal (ITAT) deals with income tax matters.
- The appointments also come at a time when the Supreme Court has flagged concerns, saying the Centre was “emasculating” tribunals by not appointing officials to the quasi-judicial bodies that are facing a staff crunch.
- The appointments will be for five years from the date of assumption of charge or till attaining the age of 65 or until further orders.
- There are around 250 posts lying vacant at various key tribunals and appellate tribunals such as the NCLT, the DRT, the TDSAT and the SAT.
- Hence both statements are correct.
Most Upvoted Answer
With reference to the Tribunals, consider the following statements:1. ...
Tribunals in India
The tribunals in India are quasi-judicial bodies that handle disputes and provide speedy redressal of grievances. They are established under specific laws to deal with specific matters such as tax, company law, administrative law, etc. The two statements given in the question are related to the National Company Law Tribunal (NCLT) and the Income Tax Appellate Tribunal (ITAT).
Statement 1: The National Company Law Tribunal (NCLT) deals with matters mainly related to companies law and the insolvency law, while the Income Tax Appellate Tribunal (ITAT) deals with income tax matters.
This statement is correct. NCLT was established under the Companies Act, 2013 and deals with matters related to the companies law such as mergers and acquisitions, insolvency and bankruptcy, class action suits, etc. On the other hand, ITAT is a statutory body established under the Income Tax Act, 1961 and deals with income tax matters such as appeals against tax assessments, penalties, etc. Hence, statement 1 is correct.
Statement 2: The appointments will be for five years from the date of assumption of charge or till attaining the age of 65 or until further orders.
This statement is also correct. The appointments of the members of the tribunals are governed by the rules specified under the respective laws. As per the rules, the appointments are for a fixed tenure of five years or until the member attains the age of 65, whichever is earlier. The appointment can be extended for a further period not exceeding five years, subject to the condition that the total term does not exceed 10 years. Hence, statement 2 is correct.
Conclusion
Both the statements given in the question are correct. NCLT deals with company law and insolvency law matters, while ITAT deals with income tax matters. The appointment of members of the tribunals is for a fixed tenure of five years or until the age of 65, whichever is earlier.
The tribunals in India are quasi-judicial bodies that handle disputes and provide speedy redressal of grievances. They are established under specific laws to deal with specific matters such as tax, company law, administrative law, etc. The two statements given in the question are related to the National Company Law Tribunal (NCLT) and the Income Tax Appellate Tribunal (ITAT).
Statement 1: The National Company Law Tribunal (NCLT) deals with matters mainly related to companies law and the insolvency law, while the Income Tax Appellate Tribunal (ITAT) deals with income tax matters.
This statement is correct. NCLT was established under the Companies Act, 2013 and deals with matters related to the companies law such as mergers and acquisitions, insolvency and bankruptcy, class action suits, etc. On the other hand, ITAT is a statutory body established under the Income Tax Act, 1961 and deals with income tax matters such as appeals against tax assessments, penalties, etc. Hence, statement 1 is correct.
Statement 2: The appointments will be for five years from the date of assumption of charge or till attaining the age of 65 or until further orders.
This statement is also correct. The appointments of the members of the tribunals are governed by the rules specified under the respective laws. As per the rules, the appointments are for a fixed tenure of five years or until the member attains the age of 65, whichever is earlier. The appointment can be extended for a further period not exceeding five years, subject to the condition that the total term does not exceed 10 years. Hence, statement 2 is correct.
Conclusion
Both the statements given in the question are correct. NCLT deals with company law and insolvency law matters, while ITAT deals with income tax matters. The appointment of members of the tribunals is for a fixed tenure of five years or until the age of 65, whichever is earlier.
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With reference to the Tribunals, consider the following statements:1. The National Company Law Tribunal (NCLT) deals with matters mainly related to companies law and the insolvency law, while the Income Tax Appellate Tribunal (ITAT) deals with income tax matters.2. The appointments will be for five years from the date of assumption of charge or till attaining the age of 65 or until further orders.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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With reference to the Tribunals, consider the following statements:1. The National Company Law Tribunal (NCLT) deals with matters mainly related to companies law and the insolvency law, while the Income Tax Appellate Tribunal (ITAT) deals with income tax matters.2. The appointments will be for five years from the date of assumption of charge or till attaining the age of 65 or until further orders.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the Tribunals, consider the following statements:1. The National Company Law Tribunal (NCLT) deals with matters mainly related to companies law and the insolvency law, while the Income Tax Appellate Tribunal (ITAT) deals with income tax matters.2. The appointments will be for five years from the date of assumption of charge or till attaining the age of 65 or until further orders.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Tribunals, consider the following statements:1. The National Company Law Tribunal (NCLT) deals with matters mainly related to companies law and the insolvency law, while the Income Tax Appellate Tribunal (ITAT) deals with income tax matters.2. The appointments will be for five years from the date of assumption of charge or till attaining the age of 65 or until further orders.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
With reference to the Tribunals, consider the following statements:1. The National Company Law Tribunal (NCLT) deals with matters mainly related to companies law and the insolvency law, while the Income Tax Appellate Tribunal (ITAT) deals with income tax matters.2. The appointments will be for five years from the date of assumption of charge or till attaining the age of 65 or until further orders.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the Tribunals, consider the following statements:1. The National Company Law Tribunal (NCLT) deals with matters mainly related to companies law and the insolvency law, while the Income Tax Appellate Tribunal (ITAT) deals with income tax matters.2. The appointments will be for five years from the date of assumption of charge or till attaining the age of 65 or until further orders.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Tribunals, consider the following statements:1. The National Company Law Tribunal (NCLT) deals with matters mainly related to companies law and the insolvency law, while the Income Tax Appellate Tribunal (ITAT) deals with income tax matters.2. The appointments will be for five years from the date of assumption of charge or till attaining the age of 65 or until further orders.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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