PRESS NOTE

 Withdrawal of Tax-Exemption of Four Cricket Associations

Dated: 09/01/2014

The Income Tax authorities have looked into the affairs of the four cricket associations, namely :

·         Saurastra Cricket Association,

·         Baroda Cricket Association,

·         Kerala Cricket Association and

·         Maharastra Cricket Association

and have found that these cricket associations were engaged in certain activities which were considered commercial in nature in view of the amended provisions of Sec 2(15) of the Income Tax Act, 1961.Consequently, the scrutiny of assessments in these cases has resulted into the withdrawal of tax-exemption. Past assessments in these cases have also been reopened by the Department to examine the correctness of their claim for income tax exemption during the periods concerned.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

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