Deregulate large-scale philanthropy

The income tax department is reportedly insisting on provisions that require charitable institutions which have held equity in companies prior to 1973 to wind up such investments. The reason for the move is the belief in certain quarters that a charitable trust should not be able to misuse its tax-exempt status to control companies.   But that’s barking up the wrong tree. The question to ask is this: Should the issue be shareholding, its extent and, as a corollary, control over firms, or the purpose and performance these institutions demonstrate with such control? .....

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