Wednesday, 11 May 2016

2001 tax case has to be again faced by Amitabh Bachchan, rules supreme court

Amitabh Bachchan is the famous Bollywood actor and an ideal for many people around as he is the genuine person of the industry with unique personality and creative thinking that attracts and inspires many people. He is the person who has hosted many famous shows that has gained outstanding popularity and is in demand with new seasons. But he is now facing with the case 2011 tax again as the Supreme Court has allowed income tax department to reopen the case against him. The department of IT says that the actor has owned with 1.66 crores for his popular show “Kaun Banega Crorepati” in year 2001-2002.

High Court in Bombay granted the relief to him in July 2012, but by dismissing appeal that was filled by the commissioner of income tax department to reopen the case with assessment proceedings in 2001-2012. After that the income tax department moved towards the Supreme Court against the order of high court.

On 13 October 2002, income tax return was filled and it was stated that he earned with 14.99 crore as the income assessment in the year 2001-2002. On 31 march 2002, he filled his returns with revised income that declares the assessment in 2001-2002 with 8.11 crore. But before the assessment completed he withdrew the returns that were revised.

On 29 march, 2005, the officer of assessing completed the assessment that determines that his income is 56.41 crore. Mr bachchan on 5 April 2006, issued with a notice that assessment proceedings will reopen in the year 2002-2003.

The reason behind all this reopening of assessment was that the account books that were kept by him were not examined well and in that he has given the details of six accounts but in real he owns with seven bank accounts. When he withdrawn the returns that were revised, he showed that his professional causes of expenses is just 30%.

Since 2009 a plea is still pending in the top court and issued with a notice earlier to the megastar. On 2008, the court allowed the exemption of 30% of his total income 50.92 crore from every show. After that high court permitted that being an actor he will also have to give tax relief on time.

In the appeal of I-T department challenged that orders on ground relief is just for those artistes who earn by performing outside country or by receiving the payment that is from foreign agencies.

I-T department submitted that Mr. Bachchan acting like an anchor in television program for star India Ltd and he cannot be termed as artistic for the role he played in the show.


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