Coimbatore: The Indian Chamber of Commerce and Industry in Coimbatore, on July 17 welcomed the proposal by Union Finance Ministry, to create a National Tax Tribunal (NTT) and 50 new income tax appellate tribunals (ITAT).

Expressing happiness over the proposal, which was assessee friendly, chamber president, A V Varadharajan in a statement said that NTT, with regional branches would reduce the necessity for travelling to Delhi to pursue appeals in the Supreme Court.

This would also provide a faster resolution of disputes and the additional ITATs would help in reducing the pendency of appeals, he said.

Requesting the Centre to create an ITAT bench at Coimbatore, an important industrial and commercial centre with many income tax assesses, Varadharajan pointed out that at present these persons had to go to Chennai for appeals in the tribunals.

PTI