ITAT relief for Tata trusts; tax tribunal says Mistry's claims 'doubtful'

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.