F1 To Go On, Jaypee To Deposit Share Of Ticket Sale: Sc

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NEW DELHI: The Supreme Court on Friday asked [url="http://timesofindia.indiatimes.com/topic/Jaypee-Sports-International-Limited"]Jaypee Sports International Limited[/url], the organizers of [url="http://timesofindia.indiatimes.com/topic/Formula-One"]Formula 1[/url] (F1) race event later this month in Greater Noida, to deposit 25% of ticket money in a separate account till the court adjudicated validity of [url="http://timesofindia.indiatimes.com/topic/entertainment-tax"]entertainment tax[/url]exemption granted for the event by the [url="http://timesofindia.indiatimes.com/topic/Uttar-Pradesh-government"]Uttar Pradesh government[/url].

A bench of justices DK Jain and AR Dave in an interim order directed that the amount would be subject to the final outcome of a plea challenging tax exemptions accorded to the organizers of the Formula 1 race.

The apex court rejected the arguments of the organizers that the direction would act as a dampener and cause adverse publicity since it was an international event.

"How can it be a dampener or cause adverse publicity we do not understand?," the bench remarked while passing the order.

source: [url="http://timesofindia.indiatimes.com/india/F1-to-go-on-Jaypee-to-deposit-share-of-ticket-sale-SC/articleshow/10440248.cms"]http://timesofindia.indiatimes.com/india/F1-to-go-on-Jaypee-to-deposit-share-of-ticket-sale-SC/articleshow/10440248.cms[/url]

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