There may be some stressful moments brewing in Mr. Senior Bachchan’s mind because of some unsolved Income Tax issues that have been reopened. The Supreme court has permitted the Income Tax Department, to reopen an income tax case that had been filed against the superstar , way back in 2001-2002 by the department. The order had been passed on Wednesday and it is regarding the income assessment of Big B for the assessment year of 2001-02 when he was busy with “Kaun Banega Crorepati”.
According to reports a bench comprising of justices P.C. Pant and Ranjan Gogoi supported and endorsed two orders of the Income Tax Commissioner of Mumbai asking for new evaluation of Amitabh Bachchan’s tax liability.
The apex court has permitted two different appeals out forth by Income Tax Department and has “set aside the orders of the Bombay High Court and the Income Tax Appellate Tribunal (ITAT)”, said the reports.
The bench has stated “In the light of the discussions that have preceded and for the reasons alluded we are of the opinion that the present is a fit case for exercise of the suo motu revisional powers of the CIT under Section 263 of the (IT) Act. The (March 20, 2006) order of the Commissioner of Income Tax (CIT), therefore, is restored and those of the Tribunal dated August 28, 2007 and the High Court dated August 7, 2008 are set aside. The appeal of the revenue is allowed.”
I-T department had also filed another appeal in 2013 which has also been permitted to be looked into. The bench has also commented “However, we have to add that as the re-assessment order dated December 29, 2006 had not been tested on merits the assessee (Amitabh Bachchan) would be free to do so, if he is so inclined and so advised.”
According to the claims made by the IT department, Big B owes crores of rupees, to the department as they claim in their appeals. This was the tax amount that Amitabh Bachchan the superstar owed to the department because of his earnings of his show ‘Kaun Banega Crorepati’ in the year 2001-02.