Tata Trust appeals against withdrawal of IT exemptions

The Sir Dorabjee Tata Trust has appealed against an order withdrawing Income Tax exemptions allegedly because of the high compensation paid to managing trustee R Venkataramanan, sources said Friday. The managing trustee's Rs 2.66 crore remuneration for fiscal year 2016-17 is allegedly at the centre of the tax order.

"An appeal has been made against the order," said a source close to the development. No details were immediately available about the grounds on which the appeal has been made. Tata Trusts did not comment on queries.

According to a media report, the exemption claimed under Section 11 has been denied for violation of a condition under Section 13 of the Income Tax Act..