Rs 12,000-cr tax blow: I-T dept cancels registration of 6 Tata Trusts

The Trusts further clarified that this order of cancellation is a culmination of the decision taken by these six Trusts in 2015 to surrender, of their own volition, their registration under the Income

The Income-Tax Department has cancelled the registration of six trusts operating under Tata Trusts, a move that could result in tax liability of about Rs 12,000 crore for the organisation. The cancellation order was on account of activities (performed by trusts) that are not commensurate with Articles of Association, according to an official.  

The concerned entities are the Jamsetji Tata Trust, RD Tata Trust, Tata Education Trust, Tata Social Welfare Trust, Sarvajanik Seva Trust, and Navajbai Ratan Tata Trust. While these are not the main shareholding trusts, they hold 39,000 shares in Tata Sons, the parent company of the group, a