The Board of Cricket Control in India (BCCI) is likely to submit documents related to all eight franchises of the Indian Premier League (IPL) on Friday to the Income Tax Department as the per the notice given to it.
The Board of Cricket Control in India (BCCI) is likely to submit documents related to all eight franchises of the Indian Premier League (IPL) on Friday to the Income Tax Department as the per the notice given to it
On April 16, the I-T department Assistant Director P.S. Sivasankaran, served a summons to the BCCI, asking to submit all documents on or before April 23.u00a0
The I-T department, reportedly, had asked the BCCI to submit the bid documents of all eight franchises, ownership and shareholding details, their addresses, entities owning the franchise and their contract with the IPL; payments made by the franchises to the BCCI or the IPL, payments made by the BCCI or the IPL to the franchises.
The summons also sought details of the profit and loss account and the balance sheet of the IPL with necessary annexure, the profit and loss account and the balance sheet of the BCCI with details of income from the IPL, the treatment of income from the IPL in the BCCI books of accounts, financial transactions with money received from parties associated with the IPL.
The I-T department has asked the BCCI to submit details of the auction of players of each team since inception and the condition of payments and the actual payments made.
The summons also stated that not submitting the documents would lead to a fine of Rs. 10,000.
The BCCI has collected all details available at the IPL office.u00a0
The BCCI has claimed that the Board Treasurer operates the BCCI and the IPL account and so they have all details in their account books.u00a0
Since the IPL is only a sub-committee of the BCCI the accounts are also integrated in the BCCI's annual accounts. In fact, the first two IPL accounts have been audited, the BCCI claimed.u00a0
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