In a reprieve for mega superstar Amitabh Bachchan, the Bombay High Court on Tuesday quashed an order passed by an assistant commissioner of income tax initiating reassessment of the income of Lotus Investments Pvt Ltd, once owned by the actor and his brother.
A division bench of Justice H L Gokhale and Justice J P Devdhar upheld the companyâ€™s contention that reassessment of income was time-barred and could not be ordered more than six years after the original assessment.
Bachchan has been served as many as four notices by the Income Tax department since November 2005.
In February, the Income Tax department had served a notice to Bachchan seeking details of Tax Deducted at Source deductions by the superstar promoted-Amitabh Bachchan Corporation Ltd in 2000-2005.
Earlier, in January, Bachchan had received a notice from the I-T department regarding his personal tax dues, at a time he was admitted to the hospital.
Bachchan had paid the amount of about Rs 5 crore from the hospital itself.
In June this year, the latest notice was regarding the Ray Ban sunglasses Rs 2.7 lakh, which Bachchan has sported to give a real blind look to his character in the forthcoming film Zamaanat .
According to reports, the I-T department has issued a notice asking Bachchan to explain the purchase of Ray Ban glasses worth Rs 2.7 lakh.
Bachchan had bought the sunglasses from New York, because his role as a blind lawyer demanded it. He then insisted on paying for it and later, gifted it to the director S Ramanathan.
The sunglasses are expensive as they have a bifocal lens and also serve as regular spectacles. Moreover, they are Italian frames by designer Roberto Cavalli, prices start at Rs 40,000.