Supreme Court issues notice to Amitabh Bachchan

Acting on a petition from the Income Tax department which stated that Amitabh Bachchan owes Rs. 1.66 crores in taxes for his show Kaun Banega Crorepati for the year 2002-03, the Supreme Court today issued a notice to the star.

Acting on a petition from the Income Tax department which stated that Amitabh Bachchan owes Rs. 1.66 crores in taxes for his show Kaun Banega Crorepati for the year 2002-03, the Supreme Court today issued a notice to the star.

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Readers may recall that in July 2012, the Bombay High Court had granted relief to Big B by dismissing the appeal filed by the IT Commissioner who had reopened the actor's assessment proceedings for the year 2002-03.

In the month of October 2002, Amitabh had filed returns declaring his income to be Rs. 14.99 crore for 2002-03. Then, on, March 31' 03, he filed revised returns declaring his total income for that year to be Rs 8.11 crore.

Even before the assessment's completion, he withdrew the revised returns. Post that, when the Assessing Officer determined Big B's income at Rs 56.41 crore, Big B was issued a notice under Section 147 of the IT Act seeking to reopen the assessment proceedings for the year 2002-03.

KBC