ITAT has quashed the revision order & upheld the Tax-Exempt status of Ratan Tata Trust

Last updated: 18 January 2021

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The Income Tax Appellate Tribunal (ITAT) has overturned a revision order concerning the Ratan Tata Trust for the assessment year 2014-15. The Tribunal found that the Commissioner of Income Tax (Exemptions) erred in initiating proceedings under section 263 of the Income Tax Act. Consequently, the tax-exempt status of the Ratan Tata Trust has been upheld.

Court :
ITAT Mumbai

Brief :
By way of this appeal, the assessee appellant has challenged the correctness of the order dated 30th March 2019 passed by the learned Commissioner of Income Tax (Exemptions) under section 263 r.w.s. 143(3) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’), for the assessment year 2014-15.

Citation :
ITA No. 3737/Mum/2019

IN THE INCOME TAX APPELLATE TRIBUNAL
MUMBAI F BENCH, MUMBAI

[Coram: Justice P P Bhatt (President) and
Pramod Kumar (Vice President)]

ITA No. 3737/Mum/2019
Assessment year: 2014-15

Sir Ratan Tata Trust ……………………….Appellant
Bombay House, 24, Homi Mody Street
Fort, Mumbai 400 001[PAN: AAATS1013P]

Deputy Commissioner of Income Tax
Exemption Circle 2(1), Mumbai ……………………Respondent

Appearances by
P J Pardiwala, Sr Advocate, along-with Madhur Agarwal, Sukh Sagar Syal,
T P Ostwal and Indira Anand for the appellant
Debashish Chandra (CIT-DR) and Brijendra Kumar for the respondent

Date of concluding the hearing : December 11, 2020
Date of pronouncement of order : December 28, 2020

O R D E R

Per bench:

1. By way of this appeal, the assessee appellant has challenged the correctness of the order dated 30th March 2019 passed by the learned Commissioner of Income Tax (Exemptions) under section 263 r.w.s. 143(3) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’), for the assessment year 2014-15.

2. Grievances raised by the appellant, which, being interconnected, will be taken up together, are as follows:

1. On the facts and under the circumstances of the case and in law, the learned Commissioner of Income-tax (Exemptions) [‘CIT(E)’] erred in initiating proceedings under section 263 of the Act against the Appellant.

To know more in details find the attachment file

FAQ :

The ITAT addressed an appeal challenging a revision order issued by the Commissioner of Income Tax (Exemptions) concerning the Ratan Tata Trust's tax-exempt status for the assessment year 2014-15.

The ITAT quashed the revision order and upheld the tax-exempt status of the Ratan Tata Trust.

The revision proceedings were initiated under section 263 of the Income Tax Act, 1961.

Yes, the Ratan Tata Trust was successful in its appeal, as the ITAT quashed the revision order against it.