Shah Rukh Khan gets relief from penalty on Notional Income from Dubai Villa

DCIT Vs Shahrukh Khan (ITAT Mumbai) Validity of the penalty imposed under Sec. 271(1)(c) by the A.O on Addition of an amount of Rs. 47,66,952/- towards deemed rental value of the Signature Villa owned by the Shah Rukh Khan at Dubai As claimed by the assessee, he was gifted a villa, viz. „Signature Villa‟ (hereinafter referred to as „Villa‟) at Palm Jumeirah, Dubai by Nakheel P.J.S.C. The possession of the villa is stated to have been given to the assessee on 8thJune, 2008. The assessee initially in his return of income for the year under consideration, viz. A.Y 2010-11, had on his own ...