Earlier in 2008, the high court had allowed I-T exemption on 30 per cent of Bachchan’s total income of Rs. 50.92 crore from the show.
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The Supreme Court on Wednesday upheld a plea by income tax authorities challenging a Bombay High Court order that permitted Amitabh tax relief in earnings made from “Kaun Banega Crorepati” (KBC).
First Panama Papers and now the IT (Income Tax) department.
It was in March 2005 that the Assessing Officer finished the assessment determining Bachchan’s income at Rs 56.41 crore.
The apex court bench that comprises of Justices Prafulla Pant and Ranjan Gogoi have set aside the ruling of the Bombay High Court in providing tax exemption to senior Bachchan. By April 2006, a notice was sent to him that sought to reopen his assessment proceedings. Bachchan immediately withdrew his revised returns on the plea that he was wrongly advised about his tax rebate claims. Amitabh Bachchan is having a tough time with money matters. The Tribunal as well as the High Court, therefore, ought not to have interfered with the said conclusion. Following this the Income Tax department had in its appeal challenged the order on the ground that the relief is for those artists, who either earn by performing outside the country or receive payment from foreign agencies.
The Chartered Accountants and Legal Advisory team of Bachchan said in a statement, “The mentioned case has no relation to KBC (Kaun Banega Crorepati) whatsoever in any matter or context”.
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The court also allowed the IT Department’s another appeal filed in 2013 and set aside the January 11, 2010 order of ITAT and the HC’s February 29, 2012 order.
