IMC welcomes BMC's move to set up property tax settlement board'
Mumbai, May 3 (UNI) The Indian Merchant's Chamber (IMC) has welcomed the decision taken by Brihanmumbai Municipal Corporation (BMC) to set up a 'Settlement Advisory Board' to conduct extra-judicial settlement for leave and licence disputes pending in various courts.
IMC President Nayan Patel in a statement here called it a very pragmatic decision. He further said there is no doubt that BMC will be able to quickly recover most parts of its outstanding for property tax, which is estimated to be around Rs 800 crore, as a result of proposed out-of-court settlement.
Mr Patel said under section 517-1(d) of the Municiapl Act, the commissioner has the power to defend, admit or compromise appeals against ratable value or tax.
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