Bombay HC stays I-T Dept notices to several Tata Trusts
The Bombay High Court has stayed Income Tax Department's showcause notice issued to several Tata Trusts including Navajbai Ratan Tata Trust (NRTT). The notice was issued to NRTT over alleged "non-compliance" of rules governing use of trust funds. Tata Trusts moved the court to challenge notice issued to cancel the trust's registration, which would result in withdrawal of tax exemption.