In a big win for the income tax department, the Supreme Court has held that the Formula One World Championship (FOWC) in motor racing is liable to be taxed in India for the F1 Grand Prix Championship. The apex court has upheld the view of the high court (HC) here, that FOWC has a permanent establishment (PE) in India. In this case, the Buddh International Circuit constituted this, on account of the assessee’s continued presence for two weeks prior and one week after the race.
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