Tax Tribunal gives clearance to Tata Sons

The Tax Tribunal on Monday granted tax exemptions to the three Tata Trusts; Sir Dorabji Tata Trust, Sir Ratan Tata Trust and the JRD Tata Trust. It also reversed the Income Tax Department’s order to revise earlier assessments for the year ended 31 March 2014. The Tax Department accused Tata Sons for certain matters that would lead to denial of income tax exemption for the charitable trusts. However the Tribunal stated there was no violation of any rule and the tax department is free to appeal against these in higher courts.