ITAT allows exemption of Rs 220 cr to Tata Education & Development Trust

Tata Education and Development Trust Vs Asst. CIT Circle 2 (ITAT Mumbai) In a major relief for Tata Education and Development Trust, the Income Tax Appellate Tribunal (ITAT) bench consisting of Justices PP Bhatt, President, ITAT, on 24th July ruled in favour of the trust in their appeal against commissioner income tax (CIT) appeal order wherein a demand of more than Rs.220 crore was levied by the tax department .ITAT also stayed the matter of that demand without any minimum pay. The case pertains to assessment years 2011-12 and 2012-13 on money spent by the Trust for creating an endowment fu...