Bollywood's Badshah Beats the Taxman: A Big Win for SRK

Shah Rukh Khan has won a major battle in a tax case against the Income Tax Department. The Income Tax Appellate Tribunal (ITAT) ordered in his favor, setting aside a reassessment order for the 2011-2012 fiscal year for his movie RA One. The IT department had challenged his foreign tax credit claims for taxes paid in the UK, reassessing his income from Rs 83.42 crore to Rs 84.17 crore. The ITAT held the reassessment to be unjustified, citing absence of new evidence and inadmissible timing beyond the four-year limit under the statute.

 

Source: NDTV, Deccan Chronicle, News18