A major setback to versatile Actor Amitabh Bachchan today Supreme Court allowed Income Tax department to reassess income for the year 2001-02.
The Supreme Court bench Comprising of Justices Ranjan Gogoi and P.C Pant set aside the July 2012 order of the Bombay High Court that gave relief to Bachchan in a tax dispute arising from his income from his show KBC.
The Commissioner of Income Tax, Mumbai has challenged Bombay High Court order holding that as the C.I.T. had gone beyond the scope of the show cause notice dated 7th November, 2005 and had dealt with the issues not covered/mentioned in the said notice the revisional order dated 20th March, 2006 was in violation of the principles of natural justice.
In Income Tax return filed on October 13, 2002, the actor had stated Rs. 14.99 crore as his income for the assessment year 2001-2002. On March 31, 2002, he filed revised returns declaring his total income for the assessment year 2001-02 as Rs. 8.11 crore.
Read the full text of the Judgment below.
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