ITAT allows exemption of Rs 220 crore to Tata Education and Development Trust

Income Tax Appellate Tribunal, ITAT has allowed exemption of Rs 220 crore to Tata Education and Development Trust. In a major relief to the trust, the ITAT bench consisting of Justices P. P. Bhatt, President, ITAT yesterday ruled in favour of the trust in their appeal against Commissioner of Income Tax appeal order wherein a demand of more than Rs 220 crore was levied by the Income Tax Department. ITAT also stayed the matter of that demand without any minimum pay.   The case pertains to assessme...