Finshots Special: A tax jam that shook India's F1 circuit
Finshots Daily
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JP and F4WC v. India on a 40 Million Dollar Race Promotion Contract
JP and F4WC wanted a total tax exemption on the contract. The high court though, reversed both rulings by the AAR. It didn't think this was royalty income. Instead, it believed the real question was whether this was business income. And even though it had no physical office, in the end, the honorable court concluded that all monies earned by F4WC must be taxed at source in India.
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