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SC criticises Formula One in tax case
In the running income-tax dispute between Formula One World Championship Ltd, a UK-based company, and the revenue department and involving Jaypee Sports International Ltd, Axis Bank, foreign banks Lloyds and Royal Bank of Scotland (RBS) and several affiliates of Formula One, the Supreme Court has cut the Gordian knot by directing Formula One to deposit $15.45 million in the Bombay High Court.
The question was whether Formula One was liable to pay tax on income earned by conducting races in India during 2011-13. Formula One and Jaypee Sports had entered into
The question was whether Formula One was liable to pay tax on income earned by conducting races in India during 2011-13. Formula One and Jaypee Sports had entered into
