Bangalore, Feb 6: Board of Control for Cricket in India (BCCI) has been hit by a bouncer from Income Tax department. The Indian cricket board has been handed a whopping Rs 2,300 crore tax bill by IT department.
According to a report in "Mail Today" newspaper, IT department has termed BCCI's all activities as "commercial" and has hence slapped a bill of Rs 2,300 crore for last seven years.
The BCCI's Working Committee met in Chennai to discuss the tax issue. They have formed a committee and are seeking legal advice on this.
"The committee is being headed by BCCI treasurer Ajay Shirke, and it will try to find and suggest ways and means to settle these tax-related issues. The committee has been given two weeks' time to give its report to the Board," a source told "Mail Today".
According to the newspaper report, "Tax assessment cases under the scanner are from 2003-04 to 2009-10, and the Board of Control for Cricket in India (BCCI) has, over the years, even paid a portion of that amount, totalling about Rs. 1,000 crore during this period, under protest and has at the same time appealed to tax authorities."