Tax tribunal relief for 3 major Tata trusts, setback for Cyrus Mistry

The Income-tax Appellate Tribunal (ITAT) on Monday quashed an earlier order of the Commissioner of Income Tax (CIT) against three major Tata Trusts, thereby restoring tax exemption for the largest shareholder of the $100-billion conglomerate. The three trusts in question--- Sir Dorabji Tata Trust, Ratan Tata Trust and JRD Tata Trust--collectively hold about 66 per cent of shareholdings in Tata Sons.  The CIT order, issued in March 2019, was meant to cancel the tax relief enjoyed by Tata Trusts. The tribunal on Monday also made strong observations against former Tata Sons chair.....

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