IT Tribunal’s rule:- BCCI cannot be stopped from tax exemption
IT tribunal’s rule:- BCCI cannot be stopped from tax exemption. Even the Board of Control for Cricket in India has adopted a conciliatory trend towards the Income Tax Department.
Recently, At a time when the tax tribunal rule that the Board was could not be denied tax relieving.
The BCCI activities are commercial in nature :-
The Principal Commissioner of Income Tax (PCIT) had argued. that the activities of the BCCI were commercial in nature. But the BCCI, represented by Senior Advocate Percy J Pardiwala, Advocate Nitesh Jain.
Sukh Sagar Sayal has successfully argued that the income generated from activities like. The IPL is simply unsustainable for the primary purpose of promoting the sport.
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In a recent direction, the Income Tax Appellate Tribunal (ITAT) ruled. That the BCCI is entitling to tax exemption under section 12AA of the Income-tax Act 1961. And the BCCI’s argument. That income generated from the Indian Premier League (IPL) only is unexpecting.
The order stated, “Improving the rules of the game, adding entertainment value to it, and making it financially enticing may be a purist’s nightmare. But the same factor has to be taken into account for radical. And the innovative ideas to popularizing a game.” Can also be seen as a very diamond of an institution like this definition and that’s how we see it.”
The ITAT said in the orders :-
The ITAT in its 25-page order said, “So long as the object of promotion of cricket remains in force. and It cannot be said. That the assessee has served the purposed of promotion of cricket.
Simply because the governance model of a cricket tournament, be it the IPL or any other tournament, is more enjoyable, more economical to operate, provides more economic opportunities to everyone involved in the tournament, and makes cricket better. Raises more financial resources to popularize.”
The order further said, “The purpose for which all funds at the disposal of the Assessment Trust. The including funds other than those generated by conducting IPL tournaments are certainly for the promotion of cricket. And that is what really matters.”
Surely Pramod Kumar and Ravish Sood narrated it. Commissioner of Income Tax, (Departmental Representative) Rahul Raman was the ambassador of the Income Tax Department. BCCI treasurer Arun Dhumal said, “It is a very profitable order and we will work on it.
The office-bearers were delegating to appraise the time of last year’s BCCI AGM. All pending litigation and approach. The government for settling matters through the ‘Faith by dispute’ scheme.
The Stated in the minutes of the meeting :-
“The Honorary Secretary informed the members that BCCI is in the process of studying assessing certain pending Income Tax matters. Such as one relating to Income tax exemption and the other relating to TDS. If they can be settled through Government of India.” Controversy-to-trust “Plan.”
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“BCCI has consulted tax experts in the matter. Who has advised that BCCI may consider availing benefits under this scheme? Which will result in closure of some litigation matters relating to taxation matters?
Therefore, the Honorary Secretary asked the office bearers to amalgamate. With the Government of India to settle the matters through the scheme of demand of the Authority. The members took note of this and delegated the office bearers for the said matter.”