Formula One Racing Income Taxable in Inida
Posted On : April 26, 2017
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The Supreme Court in the case of Formula One Championship vs Commissioner of Income Tax ( Civil Appeal No. 3849 of 2017), has ruled that income incurred by the Formula One World Championship (FOWC) will be taxable since it has a permanent establishment in India. The FOWC contended that the consideration paid or payable by the JAYPEE to FOWC is royalty under the DDTA and that the FOWC did not have any permanent establishment in India. This argument was rejected by the a bench compromising of Justice AK Sikri and Justice Ashok Bhusan .The court read Section 92F of the Income Tax Act, 1960 along with Article 5 of the Double Taxation Avoidance between India and United Kingdom, and came to the conclusion that the FOWC has a permanent establishment in India and thus their income is taxable. The Court however added that the portion of income of FOWC, which is attributable to the said permanent establishment, would be treated as business income of FOWC and only that part of income deduction was required to be made under Section 195 of the Income Tax Act, 1961.
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