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Sir Dorabji Tata Trust's board may meet next week to review income tax order

The board of trustees of Sir Dorabji Tata Trust are likely to meet next week to review the Income Tax order withdrawing the tax exemption. The I-T department vide its December 30, 2018 order for AY 2016-17 held that the annual salary of Rs 2.66 crore paid to managing trustee R Venkataramanan was significantly excessive and violated the terms of the trust deed which specified remuneration of Rs 1,000. The department assessed the taxable income at Rs 317.27 crore and initiated penalty proceedings for furnishing inaccurate particulars. According to sources, Venkataramanan’s compensation was never ratified by the board of trustees. 

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