MCA sources revealed that the association might struggle to fulfill their commitment
The Mumbai Cricket Association (MCA) may have emphatically announced a mind-boggling Rs 3 crore cash reward in addition to Rs 2 crore-prize money from the Board of Control for Cricket in India (BCCI) for Ajit Agarkar & Co for winning the Ranji Trophy for the 40th time after thrashing Saurashtra at the Wankhede Stadium on Monday.
But MCA sources revealed that the association might struggle to fulfill their commitment. Rs 3 crore will be distributed amongst the Mumbai Ranji-wining team members and support staff. The association has also planned to financially reward the junior Mumbai teams. However, the MCA has a income tax liability of Rs 51.20 crore after the Income Tax Appellate Tribunal upheld their appeal in August last year.
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The association no longer enjoys the status of ‘charitable organisation’ due to activities carried out by the association at the Bandra Kurla Complex Recreation Centre. MCA president Ravi Savant admitted to MiD DAY that it will be a “task” for the association to fulfill the promised Rs 3 crore prize money, but was quick to add, “we are confident of working it out.”
It is learnt that the association pressed for a stay order in the higher court, but their appeal will be only considered after they make the necessary tax payments. An MCA source said: “At the moment, the MCA has around 15 crore in banks. Another Rs 20 crore is expected from the BCCI and other sources. They still have some liabilities towards contractors involved in the renovation of the Wankhede Stadium.
“The income tax issue is of utmost importance because if we fail to do so, all our properties will be attached.”u00a0
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