https://www.taxtmi.com/caselaws?id=347296 The Supreme Court upheld the Delhi High Court's judgment, affirming that Formula One World Championship Limited (FOWC) had a Permanent Establishment in India and was liable to pay tax on income earned from conducting races in India. The Court validated the provisional attachment orders under Section 281B of the Income Tax Act to secure tax liability. Axis Bank was directed to honor Standby Letters of Credit (LCs) but instructed to release funds to Confirming Banks only after FOWC deposited an equivalent amount. Confirming Banks were obligated to make payments to FOWC under the LCs, emphasizing compliance with legal obligations while securing tax liability. en-us Fri, 25 Aug 2017 00:00:00 +0530 Sat, 18 Nov 2017 14:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347296 The Supreme Court upheld the Delhi High Court's judgment, affirming that Formula One World Championship Limited (FOWC) had a Permanent Establishment in India and was liable to pay tax on income earned from conducting races in India. The Court validated the provisional attachment orders under Section 281B of the Income Tax Act to secure tax liability. Axis Bank was directed to honor Standby Letters of Credit (LCs) but instructed to release funds to Confirming Banks only after FOWC deposited an equivalent amount. Confirming Banks were obligated to make payments to FOWC under the LCs, emphasizing compliance with legal obligations while securing tax liability. Case-Laws Income Tax Fri, 25 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347296