Friday, 21 October 2011

F1 racing : SC directs Jaypee group to deposit 25% of total receipts in a separate account

The Supreme Court today directed JayPee group to deposit 25% amount of total ticket sales in a seperate account. Whether, this amount will be paid to the govevnment as entertainment tax or not, will be depend on the final outcome of this case.

Jaypee group will not be operating the account till the final outcome of the case. The amount has to be deposited within two weeks of the F1 event. The court is hearing a petition filed in public interest challeging the decision of the UP government to give exemption to Jaypee group which is holding F1 racing event in Greater Noida.

During the arguments the bench headed by Justice D K Jain expressed his concerns on the way the petition was being persued.''...We are concerned to see how the half baked petitions are filed and important causes are lost because of this...''


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