ITAT Levies Rs. 25,000 Cost Per Appeal on Delinquent Assessee Jet Airways

Jet Airways (India) Ltd. Vs DCIT (ITAT Mumbai) Introduction: In a pivotal move, the Income Tax Appellate Tribunal (ITAT) Mumbai has issued a significant order involving Jet Airways (India) Ltd., currently embroiled in insolvency proceedings before the National Company Law Tribunal (NCLT). The ITAT has mandated Jet Airways to contribute Rs 25,000 to the Prime Minister Relief Fund, setting a precedent regarding the necessity of adherence and cooperation during the insolvency resolution processes. Detailed Analysis Jet Airways, established on April 1, 1992, and once a leading figure in the Indian...