In a setback to actor Amitabh Bachchan, the Supreme Court on Wednesday allowed the income tax department to reassess his tax filings for the year 2001-2002.The case relates to income earned by the actor from the popular television quiz show Kaun Banega Crorepati.The apex court, while calling for a fresh assessment by the income tax department, set aside the judgment of the Bombay high court, which had ruled in favour of Bachchan.According to the tax department, the actor paid Rs.1.6 crore as tax on an income of Rs.3.23 crore, while the assessing officer chalked up a figure of Rs.26 crore as income for that year. Bachchan explained the difference by claiming exemption under Section 80RR of the Income-tax Act that entitled an artist to get a tax waiver up to 30% on his earnings abroad..
In a setback to actor Amitabh Bachchan, the Supreme Court on Wednesday allowed the income tax department to reassess his tax filings for the year 2001-2002.The case relates to income earned by the actor from the popular television quiz show Kaun Banega Crorepati.The apex court, while calling for a fresh assessment by the income tax department, set aside the judgment of the Bombay high court, which had ruled in favour of Bachchan.According to the tax department, the actor paid Rs.1.6 crore as tax on an income of Rs.3.23 crore, while the assessing officer chalked up a figure of Rs.26 crore as income for that year. Bachchan explained the difference by claiming exemption under Section 80RR of the Income-tax Act that entitled an artist to get a tax waiver up to 30% on his earnings abroad.
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