Another tax evasion charge against Big B
The income tax department has moved the Bombay HC has stated that the actor cannot claim exemption as an “artist” as per section 80 R R of the Income Tax Act for the assessment year 2002-03, reports Urvi Mahajani.india Updated: Jan 28, 2009 01:28 IST
In yet another tax trouble for actor Amitabh Bachchan, the income tax (I-T) department has moved the Bombay High Court has stated that the actor cannot claim exemption as an “artist” as per section 80 R R of the Income Tax Act for the assessment year 2002-03.
The I-T has challenged the order of Income Tax Appellate Tribunal, which had allowed the actor to claim exemption on his earnings from the quiz show Kaun Banega Crorepati in 2002-03. The contract amount was Rs 60 crore.
In 2003, the actor filed returns in which he had allegedly declared only Rs 23 crore of the Rs 60 crore earned from KBC as his income. He allegedly claimed the remaining 70 per cent as payment to Amitabh Bachchan Corporation Ltd.
Atoll Jasani, counsel for Bachchan, sought two weeks’ time stating they had not got the copy of the appeal.
An earlier appeal by the I-T challenging exemption on contract of Rs 23 crore was admitted by the HC on January 15. Bachchan had entered into a total contract of Rs 123 crore, paid over the years, for KBC.