ITAT Special Bench: Formulates guidelines for expeditious hearing of cases referred to Special Benches & Third

Ahmedabad ITAT Special Bench formulates guidelines for expeditious hearing of cases referred to Special Benches and Third Members, setting out 120 days threshold for commencing the hearing and 30 days outer limit in general for adjournments; Notes that a Special Bench was constituted in 2016 to decide on - whether or not the provisions of Sec. 92 can be invoked in a situation in which income of the assessee is eligible for tax exemption or tax holiday, or in a situation in which there cannot be any motive in manipulating the prices at which international transactions have been entered into; Further notes that despite the constitution of a special bench and the stay having been granted to assessee, the appeals have not even been listed for hearing for almost two years; Expressing anguish on the inordinate delay in the special bench case being taken up and emphasizing on priority disposal of such cases, ITAT SB now lays down guidelines; Lists the matter for February 13, 2018 and grants further stay on collection / recovery of outstanding demand of tax & interest to assessee till 180 days from the date of this order or till the disposal of these appeals- whichever is earlier.:ITAT