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08-06-2009, 02:30 PM #1
Shahrukh Khan defaults Income Tax
The Income Tax department has dragged Bollywood actor Shahrukh Khan to the Bombay High Court. The case relates to King Khan’s foreign earnings as the brand ambassador for Swiss luxury giant Omega. The department appealed against the December 2008 order of the Income Tax Appellate Tribunal (ITAT) which had allowed Shahrukh’s appeal over a tax deduction dispute. Shahrukh had declared an income of almost Rs 20 Crores, including Rs 29 lakh as foreign income as the brand ambassador of Omega brand for the financial year 2002-03.
The IT however says that the foreign expenses related to this income have to be calculated and under no circumstance is Shahrukh eligible for tax deduction as claimed by him under Section 80RR of Income Tax Act.This is not the first time that the IT Department has dragged the superstar to the court. A few moths back the department claimed that Shahrukh owed a sum of Rs 19.43 lakh for the return he filed in 1998-99.
Interestingly on that occasion too the case related to his foreign income from Jeanne Arthes Perfume which had named a perfume after him.