The Income Tax Department is conducting investigations in the case of BCCI-IPL and the franchisees to ascertain the source of investments by the teams, taxability of the income earned, taxability of the award of media rights and to detect violation of Direct Tax laws. Searches and Surveys have been conducted by the Income Tax Department at various places. Information has been gathered from BCCI, respective teams, public domain and the other entities involved with IPL. Some of the investments have been routed from outside India through entities located in countries such as Mauritius, Bahamas, Virgin Island etc. References have been made to the tax authorities of these countries to collect details as regards the source of investments. Assessments of some of the entities related to IPL have been centralized for coordinated investigations. The investigations are time consuming because the investments have been ‘layered’ through a number of intermediaries including foreign entities.

More Under Income Tax

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

September 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930