Supreme Court agreed today to hear a petition seeking the cancellation of this weekend's Indian Grand Prix. The axe hangs around the Grand Prix as organisers have allegedly not paid entertainment taxes for the 2012 event. The Supreme Court has executive powers and ordered organisers two years ago to freeze 25% of ticket revenues until they had settled a tax dispute with the state where the racetrack is located.That ruling came in response to Public Interest Litigation filed that said the Formula One was entertainment and not sport, and should not benefit from tax exemptions granted by the state of Uttar Pradesh which borders the capital New Delhi. Formula One supremo Bernie Ecclestone had already removed India from the 2014 schedule, leaving the future of the event at the $450 million Buddh International Circuit in doubt.