Tuesday, February 5, 2013

Rs.2300 crore tax demand on BCCI

IT dept slaps Rs.2300 crore tax demand on BCCI, Board looks for legal loopholes

Income tax authorities have reopened old cases involving the Indian cricket Board and slapped taxes totalling about Rs. 2,300 crore for seven years after terming all its activities as "commercial", forcing the world's richest cricket body against the wall.

Tax assessment cases under the scanner are from 2003-04 to 2009-10, and the Board of Control for Cricket in India (BCCI) has, over the years, even paid a portion of that amount, totalling about Rs. 1,000 crore during this period, under protest and has at the same time appealed to tax authorities.

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Source: India Today


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