Formula One Race : SC Says Petition Filed In 2011 Against Tax Exemption Not Maintainable; Jaypee Sports Seeks Refund Of Deposit :

22Jan,2021

Formula One Race : SC Says Petition Filed In 2011 Against Tax Exemption Not Maintainable; Jaypee Sports Seeks Refund Of Deposit :

The supreme court on Thursday saw that the writ request documented in 2011 testing the amusement charge exception allowed to formula one race he held in India in 2011 and 2012 was not viable . The writ appeal documented by one Amit kumar had tested the exclusion allowed by the state of Uttar Pradesh to the great prix occasion held in Buddh international Circuit along Yamuna expressway in Gautam Buddh nagar locale of up. On October 21, 2011, seven days before the race was booked, the supreme court had passed a request in the writ appeal to coordinate the coordinator of the occasion- Jaypee sports international Ltd-to store the measure of diversion charge payable by them . As needs be , Jaypee sports kept Rs 24 crores in 2011. A year ago, Jaypee sports moved an application looking for discount of this sum. Today , senior advocate Aravind P Datar, showing up for Jaypee sports, encouraged the seat to permit the discount of the store as the writ appeal was not viable. Concurring with Datar's issue with the viability of the writ appeal, the chief justice of India said ; " such a request testing charge exception as allowed to a corporate element which was near the decision government at that point. The guidance presented that charge exception for an ' tip for game ' was not advocated. " How might you challenge charge exclusion under article 2?" CJI inquired. Datar explained that the exception was a legal exclusion allowed under the u.p. entertainment and betting tax act, 1979, to promote the development of motor sport in India . Jaypee sports developed a World class F 1 circuit at the allotted land in Gautam Buddh nagar district and organised events for two years , Datar submitted. However, the events could not be held later on account of certain tax disputes, he added.