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HindustanTimes Thu,18 Sep 2014

Kings XI Punjab co-owners KPH Dream gets service tax notice

PTI   Chandigarh , July 19, 2013
First Published: 00:35 IST(19/7/2013) | Last Updated: 00:40 IST(19/7/2013)

The central excise department on Thursday said it had slapped a service tax notice of Rs. 6 crore on Preity Zinta co-owned KPH Dream Cricket, who are part owners of Indian domestic cricket league franchise Kings XI Punjab.

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KPH Dream Cricket has been asked to pay tax on the services categorised under 'business support services' and 'manpower supply', official said, confirming, "We have served a notice on KPH Dream Cricket, seeking service tax payment of Rs. 6 crore." The tax demand was raised pertaining to fourth edition of the league.

Notably, KPH Dream Cricket had reported that its net loss had come down by 95% to Rs. 1.52 crore for 2011-12 in comparison to loss of Rs. 35.26 crore for 2010-11, as per financial documents including profit and loss account filed with the registrar of companies here. The firm had reported total revenue of Rs. 90.16 crore in 2011-12, up by over 80%.

According to the shareholding pattern in the company, actress Preity Zinta and industrialist Ness Wadia have 23% stake each while the rest is owned by industrialist Mohit Burman and others.


 

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