Amitabh Bachchan served a notice by Supreme Court in Income Tax case

Tue, January 8, 2013 4:09pm UTC by Add first Comment
Amitabh Bachchan served a notice by Supreme Court in Income Tax case

The Supreme Court issued a notice to the star of the millennium based on a petition by the Income Tax department claiming that the superstar owes Rs 1.66 crores for his money-based show, Kaun Banega Crorepati

Like every normal mortal, Bollywood celebrities too are required to pay their income taxes on time, yet there are many defaulters. But it’s quite surprising to learn that the name of Shahenshah of Bollywood, Amitabh Bachchan, is also inked the Income Tax department’s list of people who have failed to clear their dues.

The Bombay High Court had granted relief to Mr Bachchan by dismissing the appeal filed by the Income Tax Commissioner who had reopened the actor’s assessment proceedings for the year 2002-03. In their order, Justices MS Sanlecha and SF Vajifdar upheld an order of the Income Tax Tribunal which, on March 19, 2010, held that the assessment officer was not justified in starting proceedings under section 147 of the IT Act against Mr Bachchan.

On October 13, 2002, the megastar had filed the returns stating his income as Rs 14.99 crores for the assessment year 2002-03. On March 31, 2003, he filed the revised returns declaring his total income for the assessment year 2002-03 as Rs 8.11 crores. However, before the assessment could be completed, the actor, through a letter dated March 13, 2004, withdrew the revised returns.

On March 29, 2005, the Assessing Officer completed the assessment determining the actor’s income at Rs 56.41 crores. On April 5, 2006, a notice under Section 147 of the IT Act was issued to Mr Bachchan seeking to reopen the assessment proceedings for the Year 2002-03.

Among the reasons given for reopening the assessment were that, the books of accounts kept by the actor were not examined and although he had seven bank accounts, the actor had given details of only six of them. Besides, he had withdrawn the revised returns wherein he had showed 30 percent expenses for professional causes.

So how will this drama between the Big B and the IT department unfold? Watch this space for more.Subscribe to me on YouTube


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