Mumbai, Nov. 8 -- A four-year-long probe by the income tax department has gone against six Tata trusts and their licences have been cancelled, the group said in a press statement late on Friday, 1 November.
The six trusts facing income tax department action are Jamsetji Tata Trust, R.D. Tata Trust, Tata Education Trust, Tata Social Welfare Trust, Sarvajanik Seva Trust and Navajbai Ratan Tata Trust.
The probe was launched in 2015 following a 2013 report by the Comptroller and Auditor General (CAG). In the report, the CAG said Jamsetji Tata Trust and Navajbai Ratan Tata Trust had invested '3,139 crore in "prohibited modes of investment".
It said the tax department had given "irregular tax exemptions" to these trusts, resulting in a loss of...