News

IPL not liable to tax, it's sport promotion, rules ITAT

IPL not liable to tax, it's sport promotion, rules ITAT

The Board of Control for Cricket in India (BCCI), the country's richest sports body has won this round in a battle with the taxman.

The Income Tax Appellate Tribunal (ITAT), in an appeal filed by the BCCI, upheld the arguments of the sports body that even though it's making money through the Indian Premier League (IPL), the object of promoting cricket remains intact and hence its income should be exempt from tax. The decision came in a November 2 order.

BCCI had approached the Mumbai bench of the ITAT against three show-cause notices issued by the revenue department in 2016-17 to explain why the tax exemption that the BCCI enjoys under Section 12 A of the Income Tax Act should not be revoked for generating income through the IPL.

Top