Supreme Court gives a nod to F1- Conditions Intact

Supreme Court gives a nod to F1- Conditions Intact

New Delhi : India | Oct 21, 2011 at 3:17 AM PDT
Views: Pending
Didn't exempt F1 from tax: Mayawati

SC has said the F1 in Greater Noida can take place as planned, but the organisers need to deposit 25% of the ticket sales in a special bank account.

That money cannot be withdrawn by the organisers - the JP Group - till the court decides on whether the event is entitled to exemption from entertainment taxes.

The Uttar Pradesh government's decision to forgo the entertainment tax has been challenged in the Supreme Court by a Public Interest Litigation (PIL). "We want to get money for the state but you don't," observed the judges hearing the case.

The races will be held over a period of three days next week.

The JP Group told the court that so far it has sold tickets worth 75 lakhs. Given that entertainment tax is applied at 25%, the group will have to set aside 18 lakhs within two weeks in a special bank account.

The case will be heard next after a month.

xumraah is based in New Delhi, Delhi, India, and is a Stringer on Allvoices.
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