The Board of Control for Cricket in India (BCCI) has won a significant victory in the tax battle with the Income Tax department as the Income Tax Appellate Tribunal (ITAT) has ruled that the board is entitled for tax exemption for the income generated from the Indian Premier League (IPL). The ITAT further stated that the main objective of BCCI remains to promote cricket and the IPL is just a means to achieve this. This ruling is a major relief for the board as it can now focus on promoting the game without any hindrances.
Income Tax Appellate Tribunal Rules in Favor of BCCI in Tax Battle
Background:
The Board of Control for Cricket in India (BCCI) has long been embroiled in a tax dispute with the Income Tax (IT) department over its income from the Indian Premier League (IPL). The IT department had argued that the IPL was a commercial venture and thus subject to taxation, while the BCCI contended that it was a non-profit organization promoting cricket.
Recent Ruling:
On September 9, 2022, the Income Tax Appellate Tribunal (ITAT) ruled in favor of the BCCI. The tribunal held that the board was entitled to tax exemption for the income generated from the IPL. The ITAT further stated that the main objective of BCCI remained to promote cricket and the IPL was merely a means to achieve this.
Significance:
This ruling is a significant victory for the BCCI as it eliminates a major financial burden. The board had previously paid millions of dollars in taxes on its IPL income, which had restricted its ability to invest in cricket development. With the ruling in its favor, the BCCI can now focus on promoting the game without any hindrances.
Top 5 FAQs:
1. What is the Income Tax Appellate Tribunal? The ITAT is a quasi-judicial body established to adjudicate disputes between taxpayers and the IT department.
2. What is the Indian Premier League (IPL)? The IPL is a professional Twenty20 cricket league organized by the BCCI.
3. Why was the BCCI exempted from tax on IPL income? The ITAT ruled that the BCCI is a non-profit organization and the IPL is simply a means to promote cricket.
4. How much tax has the BCCI paid on IPL income in the past? The BCCI has previously paid billions of rupees in taxes on IPL income.
5. What impact will this ruling have on the BCCI? The ruling will provide the BCCI with significant financial relief and allow it to invest more resources in cricket development.
Despite a lower rank in the Saudi Pro League, Al Ahli's impressive streak in the AFC Champions League Elite has solidified their position as a top contender. Coach Matthias Jaissle's tactics have proved successful, and their recent 1-0 victory against Al Wehda only adds to their confidence. Meanwhile, their upcoming opponent, Esteghlal, is facing struggles both on and off the pitch, making it a challenging match for them. However, with the determination to bounce back, they will aim to redeem themselves in their game against Al Ahli.
The Bangladesh Cricket Board has announced their women's squad for the upcoming T20I series against Ireland, with three additional players kept on standby. Following a successful ICC Women's Championship series, Bangladesh looks to continue their momentum in the T20I leg. The three-match series will be held in Sylhet from December 5 onwards. After a disappointing performance in the 2020 Women's T20 World Cup, Bangladesh faces a formidable opponent in Ireland, who have recently beaten Sri Lanka and England in the format.
Jamshedpur FC secured a 3-1 victory over Mohammedan SC in an exciting Indian Super League match. The home team was led by goals from Mohammed Sanan K, Javier Siverio, and Stephen Eze, while Mohammed Irshad scored a late consolation goal for the visitors. The win puts Jamshedpur FC back in the top half of the ISL standings.
In the penultimate round of the F1 2024 season, Max Verstappen not only clinched the drivers' title but also led Red Bull to win the constructors' title. McLaren, Ferrari, and Red Bull all fought for the top spot in the constructors' standings, resulting in an intense race full of surprises. George Russell claims pole position due to a grid penalty for Verstappen, while Sergio Perez and Lewis Hamilton struggle to make a comeback. Ultimately, Verstappen finishes first ahead of Leclerc, Piastri, Russell, Gasly, Sainz, Alonso, Zhou, Magnussen and Norris, solidifying his dominance in the championship.
Italian football club Fiorentina's 22-year-old midfielder Edoardo Bove collapsed during a Serie A game against Inter Milan on Sunday, causing the match to be abandoned. Bove was placed in a medically induced coma and underwent successful treatment, with the club announcing his awakening and extubation. The incident drew comparisons to Denmark's Christian Eriksen's collapse at Euro 2020, but Bove is expected to make a full recovery and continue his professional career with Fiorentina.
The much-awaited Coastal Carnival Padubidri 2024 has started with a bang, kickstarting JCI Padubidri's 50th anniversary celebrations. The three-day festival aims to boost tourism, showcase the region's culture, and support local businesses. On the opening day, Kaup MLA Suresh Shetty Gurme expressed his pride in JCI's contributions and highlighted the event's significance in promoting sports and cultural harmony. He also spoke about the potential of the coastal region to attract tourists and the hard work put in by all JCI members to make this event a reality.
Red Bull's Max Verstappen took the win at the Qatar Grand Prix, but the highlight of the weekend was his outburst against fellow driver George Russell. Verstappen accused Russell of trying to "screw someone over" during the qualifying round, resulting in a penalty for the Dutch driver. Despite his win, Verstappen expressed feeling like he was talking to a "brick wall" while trying to defend his actions to the stewards.
Chelsea midfielder Cole Palmer's blunt response to whether his team is a contender for the Premier League title has left fans in stitches. Despite their impressive form, Palmer believes it is too early to make any claims about their title chances. Manager Enzo Maresca echoes this sentiment, stating that his team still has room for improvement before they can seriously consider themselves title contenders.
After collapsing during a Serie A match, Fiorentina player Edoardo Bove is reported to be conscious, awake, and responsive after treatment at the hospital. While the cause of his collapse is still unknown, initial exams showed no serious damage and his teammates and club officials are offering support in the hospital.
The Indian Super League is in for an electrifying clash this Monday as two teams, Jamshedpur FC and Mohammedan SC, battle it out on the football field. With the home team, Jamshedpur FC, facing a string of disappointing defeats, all eyes will be on them as they attempt to bounce back and rekindle their winning spirit. Meanwhile, the newly promoted Mohammedan SC will be seeking to turn their inconsistent start around and secure their second victory of the season. It promises to be a thrilling match, with both teams eager to clinch a crucial win.