Explanation:

• The National Company Law Tribunal (NCLT) deals with matters mainly related to companies law and the insolvency law while the Income Tax Appellate Tribunal (ITAT) deals with income tax matters.

The Central Government has constituted National Company Law Tribunal (NCLT) under section 408 of the Companies Act, 2013 (18 of 2013) w.e.f. 01st June 2016.

• NCLT is a quasi-judicial authority incorporated for dealing with corporate disputes that are of civil nature arising under the Companies Act. It adjudicates issues relating to Indian companies. 

ITAT is a quasi-judicial institution set up in January 1941 and specializes in dealing with appeals under the Direct Taxes Acts. 

• The orders passed by the ITAT are final, an appeal lies to the High Court only if a substantial question of law arises for determination.
• NCLT is established as per Section 408 of companies act, 2013 while NCLAT is established as per Section 410 of companies act, 2013.

Further, with enactment of Insolvency and Bankruptcy Code, 2016, another area of practice has been opened for Company Secretaries to make appearance before Tribunal in Insolvency and Liquidation cases.

Hence both statements are correct.