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Income Tax Exempts BCCI From Tax, Says Its Primary Objective Is To Promote Cricket
The Income Tax Appellate Tribunal(ITAT) has come to the decision that BCCI is entitled to register under section 12A of the Income Tax Act - which makes it eligible for tax exemption.
Indian Premier League(IPL) is one of the most profitable and commercial-based cricket tournaments which is played every year for two months. The tribunal held that even though IPL is structured in a profitable manner, the exemption cannot be denied to the richest cricket board in the world as long as the object of promoting cricket is remaining intact.
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