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BCCI denied tax exemption under Section 11 of I-T Act, matter sub judice: FinMin
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Income Tax department has denied tax exemption to BCCI under Section 11 of I-T Act, and the matter is now sub judice. Section 11 of I-T Act deals with charitable institutions.
Minister of State for Finance Pankaj Chaudhary made the remarks while responding to a question on whether the BCCI, despite being one of the richest sports bodies in the world, is enjoying tax exemption in the name of promoting cricket.
«BCCI is claiming exemption under Section 11 of the Income Tax Act, 1961.
However, during assessment proceedings the exemption is being disallowed by the Income Tax department. The matter pertaining to tax exemption of BCCI is sub judice,» Chaudhary said.
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