CBDT constitutes panel

With an estimated Rs 4 lakh crore of tax revenue locked up in litigation, the CBDT constituted for the first time a six-member panel to examine the "efficacy" of the existing primary litigation mechanism in the Income Tax(IT) department.

The empowered committee has also been mandated to suggest steps to reduce legal cases at the IT department's two dispute resolution foras and asked to submit its report within eight weeks.

IRS officer and Chief Commissioner of Income Tax office in Ahmedabad Rani S Nair has been made the chairperson of the panel. Five other Commissioners, drawn from various field formations of the I-T department, will be the other members of the panel.