Supreme Court issues notice to Amitabh Bachchan in Income Tax case
The Supreme Court today issued a notice to megastar Amitabh Bachchan on a petition from the Income Tax department. The IT department says the megastar owes 1.66 crores in taxes for his show Kaun Banega Crorepati for the year 2002-03.
In July 2012, the Bombay High Court had granted relief to Mr Bachchan by dismissing the appeal filed by the Income Tax Commissioner who reopened the actor's assessment proceedings for 2002-03. In their order, Justices M S Sanlecha and S F 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 IT Act against Mr Bachchan.
The Income Tax department had appealed in Supreme Court against the High Court order.
On October 13, 2002, Amitabh Bachchan had filed returns stating his income at Rs 14.99 crore for Assessment Year 2002-03. On March 31, 2003, he filed revised returns declaring his total income for the assessment year 2002-03 determining his income at Rs 8.11 crore. However, before the assessment could be completed, the actor, by 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 crore. 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 assessment were that books of accounts kept by the actor were not examined and that although he had seven bank accounts the actor had given details of only six of them. Besides, he had withdrawn revised returns wherein he showed 30 per cent expenses for professional causes. (PTI)
Category : Income Tax | Comments : 0 | Hits : 912
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