 "CSR projects for ‘One Tata’: Group firms collaborate with Tata Trusts")
The Income-Tax Appellate Tribunal (ITAT) on Friday, in a setback to the I-T department, allowed tax exemption of over Rs 220 crore to a Tata Trust entity, regarding donation to two US-based universities between assessment years 2011-12 and 2012-13.
Earlier, the I-T department had slapped a Rs 100-crore tax demand on Tata Education and Development Trust (TEDT).
The matter pertains to the exemption allowed by the Central Board of Direct Taxes (CBDT) on the Trust’s cumulative donation of over $100 million during 2008-09 and 2015-16 to Cornell University and Harvard University — which also involves construction of a building named
