<h1>India Exempts ICC Cricket World Cup 2011 from Income Tax u/s 10(39), Impact Estimated at Rs. 45 Crore.</h1> The Union Cabinet of India approved a proposal from the Ministry of Finance to exempt the ICC Cricket World Cup 2011 from income tax under section 10(39) of the Income Tax Act 1961. This exemption applies to income generated in India by the subsidiaries of the ICC, provided they are contractually obligated to bear the tax liability. The financial impact of this exemption is estimated at approximately Rs. 45 crore. This decision follows a 2005 amendment to the Income Tax Act, which allowed tax exemptions for international sporting events held in India, previously applied to the ICC Championship Trophy 2006.