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No tax exemptions to BCCI
India's cricket board BCCI has to pay a whopping Rs 120 crore in tax and penalty after the Income Tax department revoked its exemption.
New Delhi:
India's cricket board BCCI has to pay a whopping Rs 120 crore in tax and penalty after the Income Tax department revoked its exemption.
The Board had claimed a tax exemption on grounds that promoting cricket is a charitable activity but the IT department has rubbished it in its latest assessment.
The department says,"The BCCI has become totally commercial and it is more into prize money for every run or wicket, which is nothing short of a gimmick. It also says the board has done little to develop infrastructure for cricket
The IT order was served on December 30 but BCCI is likely to appeal against it.
The BCCI has also been accused of changing its rules to include T-20 matches without informing the department of this new commercial venture.
The Board had claimed a tax exemption on grounds that promoting cricket is a charitable activity but the IT department has rubbished it in its latest assessment.
The department says,"The BCCI has become totally commercial and it is more into prize money for every run or wicket, which is nothing short of a gimmick. It also says the board has done little to develop infrastructure for cricket
The IT order was served on December 30 but BCCI is likely to appeal against it.
The BCCI has also been accused of changing its rules to include T-20 matches without informing the department of this new commercial venture.
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