Amitabh Bachchan 2001 tax case reassessment: Here’s all that happened so far!

Mumbai, May 12: The Bollywood Megastar Amitabh Bachchan seems to be in a legal fuss once again as he will be probed again for allegedly not paying tax of more than Rs 1 crore from the earnings, he had made from the quiz show ‘Kaun Banega Crorepati’. The Supreme Court has order to the Income Tax department to reopen a ‘2001 tax case’ against the Bollywood star.
Now, the case in questions has been re-opened. However, the SC has permit Bachchan the right to appeal against the re-assessment dictation. Plus, two points of Mumbai’s Income Tax Commissioner was also upheld by the Apex Court bench asking fresh assessment of tax liability of the actor
What IT Department has to say?
As per the Income Tax division, Mr. Bachchan owes Rs. 1.66 crore in taxes for his celebrated quiz show ‘Kaun Banega Crorepati’ for the year 2001-2002. The IT departments also maintained that there is irregularities in the financial gain Bachchan had announced for the 2001-2002 fiscal year.
There are many reasons given for reopening this tax case including the number of accounts the actor possess. As per the I-T departments, his accounts were not analyzed and although the megastar ensures 7 bank accounts, he had provided particulars of only 6.
Here’s what Mr. Bachchan has to say :
In the mean time, the actor’s legal team has maintained that Bachchan has the right to appeal against the re-assessment command. “The mentioned case has no relation to KBC (Kaun Banega Crorepati) whatsoever in any matter or context. The mentioned case has not been reopened,” said the Chartered Accountants and Legal Advisory team of Bachchan, in a statement.
The veteran actor also claims an additional spending of 30 percent on security from certain agencies and security guards. He maintained that he required this extra security to defend him from extortion and danger that has augmented since his appearance on KBC.
Follow up:
According to the IT department, for the year 2001-2002, Mr.Bachchan owes Rs 1.66 crore in taxes for his popular show KBC. However, Bachchan was given relief by the High Court as it ruled in his favor in 2008. But, the IT department disown this and moved to Supreme Court for the same.
After the Panama papers controversy, seems that the reassessment of this case will only increase trpouble for the veteran star.