Bollywood King Khan Shahrukh Khan wins income tax case. So we can say that Shah Rukh Khan is continuing as Raees. IT Department served him notices for allegedly not paying tax on his income.
But Income Tax Appellate Tribunal reprieve his income so Shahrukh Khan wins income tax case. ITAT gave decision in favour of King Khan in two related issues.
So from two issues, ITAT allowed Shah Rukh to deduct Rs 10 Crore which he got for his hosting in Kaun Banega Crorepati show. It was aired on Star Plus channel.
While in second issue, IT Department demanded a tax of Rs 7 crore for his professional fees which he charged from Star India. Star India is the owner of Star Plus.
Shahrukh Khan wins IT Case
Before 8 months, IT Department sent income tax notices to Raees actor for avoiding tax. Even IT department also asked for his investments in foreign locations such as Bermuda, Dubai and British Virgin Islands.
As Shahrukh Khan wins case, for that ITAT cleared, Star India and SRK signed an agreement for 104 episodes of KBC. But after 52 episodes, star India decided to drop the remaining episodes.
Then channel wanted to recover remaining money from SRK. But instead of returning money, Shahrukh Khan opted for barter deal where he secured his sponsorship along with Kolkata Knight Riders IPL team.
For that, King Khan would pay Rs 10 Crore to KKR IPL Team and in return he would get sponsorship rights to Star India.
So after that Shahrukh Khan claimed expenses of Rs 10 crore and so deduction of it while computing his income. IT Officer did not allow this and hence department wanted him to pay income tax of Rs 10 crore.
As per reports, Rakesh Bhargava said, “The loss suffered by Star India due to non-production of another season of KBC with SRK was sought to be recouped by SRK with the earnings from the sponsorship of KKR IPL team. So, SRK paid Rs 10 crore to get sponsorship of KKR for Star India, even though he was not legally liable to incur such a huge sum,”
In the second case, Shahrukh Khan had attended press conferences in London and Dubai with Star India. IT officers also claimed that King Khan would have earned some amount from these conferences but SRK denied it. Then Tax officer imposed Rs 7 crore tax from Shah Rukh Khan.
So in both cases, ITAT rules in favour of King Khan. So Shahrukh Khan wins case and it disallows IT department for any taxes.
Now, after ITAT’s decision, IT Department is looking to approach Mumbai High Court for further development.
Well, Apart from this, Sharhukh Khan recently did photoshoot for ace photographer Avinash Gowariker. Avinash did this photoshoot for SRK’s IPL Team Kolkata Knight Riders.
Shahrukh Khan upcoming film is Rahnuma with Anushka Sharma which will release on 11 August 2017.
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