Amitabh Bachchan gets notice from Supreme Court in Indian Income Tax case

Amitabh Bachchan gets notice from Supreme Court in Indian Income Tax case

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Bollywood superstar Amitabh Bachchan has on January 8, 2013 received a notice from the the Supreme Court of India on a petition from the Income Tax department. The Income Tax department has claimed that the megastar owes Rs. 1.66 crores in taxes from his show ‘Kaun Banega Crorepati’ for the year 2002-03.

On the other hand, the Bombay High court, in the year 2012, had issued relief to Bachchan by dismissing the appeal filed by the actor. However, the Income Tax Department then appealed in the Supreme Court against the High Court order.

In the year 2002, the actor filed returns and stated his income as Rs. 14.99 crore for Assessment Year 2002-03. In 2005, the Assessing Officer completed the assessment and determined the income at Rs. 56.41 crore. In 2006, a notice was issued under section 147 of the IT Act to Bachchan while seeking to open the assessment proceedings for the year 2002-03.

The reasons mentioned for the reopening of assessment was that the books of accounts kept by the actor were not examined. It was also mentioned that the actor had seven bank accounts, but he had given details of only six of them. Moreover, the actor had also revised returns wherein he showed 30 percent expenses for professional causes.