ITAT relief for 3 Tata trusts; tax tribunal says Mistry s claims doubtful
By IANS |
Published on
Mon, Dec 28 2020 19:51 IST |
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Cyrus Mistry. (File Photo: IANS). Image Source: IANS News
New Delhi, Dec 28 : In a setback for former Tata Sons Chairman Cyrus Mistry and a major relief for Sir Dorabji Tata Trust, JRD Tata Trust and Sir Ratan Tata Trust, the Mumbai-bench of Income Tax Appellate Tribunal (ITAT) has quashed revised assessment orders issued by the IT department based on Mistry s allegations.
Through the order, the appellate tribunal has upheld the tax exemptions given as per Section 11 of the Income Tax Act to the three trusts.
December 28, 2020
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The Income Tax Appellate Tribunal rejected the I-T Commissioner’s stand that the Tata Trusts had gained from owning Tata Sons shares
The Income Tax Appellate Tribunal (ITAT) on Monday overturned a revised assessment order of the Commissioner of Income Tax - Exemptions (CIT) that had alleged violations by three Tata Trusts Sir Dorabji Tata Trust, Sir Ratan Tata Trust and JRD Tata Trust.
The CIT had said the Trusts may have violated the provisions of Section 13(1)(d) of the Income Tax Act during assessment year 2014-15, and that the Assessing Officer (AO) did not probe the breach adequately.
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