NOTICE TO AB Sr.
The Supreme Court has issued a notice to Mr. Amitabh Bachchan regarding his case for A.Y. 02-03 on a petition from the revenue.
On 13th October, 2002, Mr. Bachchan filed his return for the year stating his income to be Rs. 14.99 crore, later on 31st March, 2003, he filed a revised return stating income to the extent of Rs. 8.11 crore.
On 13th March 2004, he filed a letter withdrawing his revised returns. On March 29, 2005 the assessment was completed at Rs. 56.41 crore and the case was reopened on 5th April, 2006, notice was issued under section 147. The main reason for section 147 was that though he had been maintaining 7 bank accounts, he disclosed only six of them, and secondly he withdrew the revised returns.
Later, the Tribunal ordered that the A.O. was not justified in opening the case under section 147, against which the Dept. appealed to Bombay High Court, which in July, 2012 again upheld the order of the Tribunal.
But now, on 8th January, 2013, Supreme Court has issued notice to the assessee again.
The article has been compiled from various sources.
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