business βοΈ ITAT cuts BBC's taxable profit share in India
The Income Tax Appellate Tribunal partly allowed six appeals filed by BBC Global News Limited regarding the February 2023 raids. The tribunal, comprising Judicial Member Vikas Awasthy and Accountant Member Renu Jauhri, reduced the taxable profit percentage for its Indian operations from 15 percent to 12 percent. This decision overturned the Assessing Officer's initial high estimation, while rejecting BBC's request to keep it at 8.75 percent. The dispute centered on how much of BBC's Indian ad revenue should be taxed locally. The BBC's claim for tax credits has been sent back to the AO for final verification. π§