The IT Department has decided that the BCCI must pay tax because it is not a charitable institution after all.
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The BCCI is bound to take up the Income Tax department over the comments that the BCCI is not a non-profit organization and therefore, is liable to tax to the tune of Rs.120 crore.
According to the IT Department, the BCCI has been less than forthcoming about its various ventures and the nature of profit sharing has not been in compliance with the norms followed in a charitable/non profit institution.
But the BCCI will take the allegations in their stride and understand the finer details of the IT Department's accusations before making an appropriate response.
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