The Supreme Court of India has passed the judgement favouring the Income Tax Department’s notice to Amitabh Bachchan.
The Income Tax (IT) Department has got the upper hand in Amitabh Bachchan (AB) case. In the past, Amitabh has filed the IT Returns for the financial year 2001-2002 showing Rs 14.99 crore as his total income. The filing was done on October 13, 2002. But, later he revised his income as 8.11 Crores for the same assessment year.
The IT has issued a notice under Section 263 stating that the books of accounts of AB do not justify the norms. The same was challenged by the Bollywood star in Mumbai high Court. The verdict came in favour of the actor. IT department differed with the judgement and approached the Supreme Court (SC).
The SC bench comprising of Justice Ranjan Gogoi and Justice PC Pant has allowed the IT Commissioner to re-open the tax filings related to 2001-2002 year of AB. Now the overview of the IT notice stands as follows:
- Nearly 30% of his total disclosed income which amounts to Rs.3.17 Crores will be investigated.
- Out of total 7 bank accounts in the name of AB, only 6 bank account details were furnished. Left out bank account details will be verified.
- Tax deduction claim by the actor in regarding the funds acquired from the British Virgin Island’s firm E-Entertainment Ltd (EEL). The popular show “Kaun Banega Crorepati” – KBC telecasted in the Star Network Channel has been claimed for deduction.
- Reasons for the conditions of re-revision of the Tax Assessment.
- The source of cash expenses claimed by the Big B Amitabh Bachchan.
The Actor has distributed a part of his income to his own business set up Amitabh Bachchan Corporation Limited, in short popularly called as ABCL. Adding to this there was a news that the legendary actor is named in the World’s biggest Tax evaders and black money holders listed under Panama Papers. The details regarding the same can be read here.