Big B gives statement to I-T in loan payment case
The Income Tax (I-T) authorities recently questioned actor Amitabh Bachchan in connection with repayment of Rs 40 crore worth loan by his company in 2005.mumbai Updated: Feb 19, 2010 01:21 IST
The Income Tax (I-T) authorities recently questioned actor Amitabh Bachchan in connection with repayment of Rs 40 crore worth loan by his company in 2005.
Officials said that former Samajwadi Party leader Amar Singh accompanied Bachchan. “The actor gave his statement and we asked him all the details we required,” said a senior I-T official.
A spokesperson for Central Board of Direct Taxes confirmed that Bachchan visited the Mumbai office to give his statement on February 1. “He is like any other tax payer and some notice would have gone for some routine verification,” the spokesperson said.
The actor’s company, then known as Amitabh Bachchan Corporation Limited, had taken a loan of $9 million (around Rs 40 crore) from a London-based person, and repaid it in 2005.
However, I-T authorities, in subsequent years, found that the company records did not have the details of loan payment. The records also did not show from where the money came to repay the loan. During these years, the company was facing financial trouble.
Bachchan was issued notice asking to give details of the transaction. “However, the notice had not asked him to come personally to explain the same,” the official said.