The Parliament’s standing committee on finance has said the Rs 45 crore tax exemption extended to the International Cricket Council (ICC) for the World Cup was “unjustified and devoid of merit”. The committee also said that it is not convinced about the tenability of the tax exemption given to the ICC as the World Cup had received huge sponsorships and was patronised by the corporate sector in a big way.
The reports also said that the leniency of the IT department allowed the BCCI to enrich its coffers at the expense of the exchequer. The report also said the it was quite evident that the IT department has been rather inconsistent in bringing BCCI into the taxability net. The committee said that the department should consider levying penalty and interest while collecting tax from the BCCI.
[Source: The Times of India]
No comments:
Post a Comment