Actor Shah Rukh Khan has been absolved of the price of being a beneficiary of benami belonging at the seaside town of Alibaug in Maharashtra as an appellate authority under the law has “revoked” the profits tax branch’s attachment order, calling it baseless and colored.
The Adjudicating Authority slammed the income tax department for issuing the order in opposition to Shah Rukh and a corporation — wherein he, his spouse Gauri Khan and in-laws are shareholders — in February closing yr, pronouncing an “industrial transaction entered into (within the) direction of enterprise by means of an independent entity can’t be colored as Benami transaction because it had sourced the budget from loans”.
A division bench of the AA comprising D. Singhai (chairperson) and member (law) Tushar V. Shah exonerated Shah Rukh and said: “We have come to the realization that the named residences, ie, agriculture land at village Thal, Taluka Alibaug bearing survey nos 188/A, 188/1B, 188/2, 188/3, 188/4, 187/1 and shape thereon aren’t a benami assets and consequently the attachment made thereof by way of the investigating officer is revoked hereby.”
The tax department had attached the farmhouse and plot, built on agricultural land in Alibaug and really worth about Rs 15 crore, and referred to as the agency — Ms. Deja Vu Farms Pvt Ltd — a benamidar and the 53-year-antique actor a beneficiary (who can pay cash consideration) of a benami deal booked underneath the Prohibition of Benami Property Transaction Act.
The 1988 law become carried out by the Narendra Modi authorities in November 2016. The government said the regulation, which incorporates the most punishment of seven years in jail, changed into aimed toward cracking down on black cash and stash holders.
The AA bench additionally rapped the probe officer of the earnings tax branch in Mumbai for reputedly relying on “some press record/online articles” that Shah Rukh had obtained the property for his benefit, which it said was “wrong and impermissible in law”.
“There isn’t any foundation to conclude that the belongings received by Deja Vu Farms Pvt Ltd is held for fast or destiny advantage, direct or oblique of Shah Rukh Khan,” the January 23 order said.
The authority rejected the tax department’s allegation that the entire transaction of purchasing the land parcels in Alibaug and the construction of a luxury farmhouse on it changed into carried out on Shah Rukh’s “desire and practice” and from “unsecured loans” of about Rs 14. Sixty-seven crore supplied by means of him to the company.
The tax department had also alleged that as Shah Rukh was “now not an agriculturist, he had sought to buy the land by way of forming Ms. Deja Vu Farms Pvt Ltd, a front entity, and giving it a shade of enterprise engaged in agriculture”.
The department had also stated in its order that a person named Moreshwar Rajaram Ajgaonkar changed into a “the front” for Shah Rukh and that the actor had used Ajgaonkar’s credentials of being an agriculturist to buy the land by using making an illustration earlier than the extra collector of Raigad, the district below which Alibaug falls.
It had also alleged that the business enterprise became included “on the commands” of Shah Rukh as he becomes interested in purchasing assets in Alibaug for the development of a farmhouse.
The taxman had said in its grievance that the said goal of Deja Vu was to adopt agricultural activities on the land and that permission had been given for the purchase of the plot underneath the “situation” that it’d be used for farming inside three years.
The AA additionally determined as “justified” Shah Rukh’s competition and that of his employer that a personal company can borrow budget even from its shareholders and that there has been no concealment of the mortgage given through the actor, which has been “disclosed” by way of Deja Vu in its annual returns for the past numerous years.
The AA stated it became “past doubt” that a the Alibaug property changed into obtained and held via the enterprise in its very own proper and independent of every other person.
“There is not anything to elevate the inference or presumption in regulation that the belongings owned with the aid of an agency may be stated to be held for the benefit of its shareholder,” the authority dominated, absolving Shah Rukh of the criminal expenses beneath the stringent law. As according to the anti-benami regulation, as soon as validated, a benamidar (in whose name a benami belonging stands) and a beneficiary (who pays money consideration) are prosecutable and may face rigorous imprisonment as much as seven years besides being prone to pay best up to 25 consistent with cent of the fair marketplace cost of the benami belongings.
Despite the reality that Bollywood exceeds Hollywood in movie output, Bollywood has a much smaller celebrity device, because of this Indian actors seem in a ways extra movies than their American counterparts-a few doing as many as 5 films a year. Luckily, that makes it simpler for brand new fans to figure out who is who. Nepotism is commonplace in Bollywood and lots of actors and filmmakers come from family dynasties which have been within the film business for generations-but, there are numerous celebrities with the identical commonplace surnames, especially Khan and Kapoor, who are not associated. The following, while never comprehensive, is a rundown of the most important and brightest male stars within the Bollywood universe.
Known as King Khan, the Badshah of Bollywood, or definitely, SRK, Shahrukh is one of the “big three Khans”-alongside Aamir Khan and Salman Khan-who’ve ruled Bollywood for 2 decades, despite the fact that Shahrukh has arguably passed the other two in phrases of commercial electricity and international reputation, and in contrast to the other two, Shahrukh does no longer come from an established film own family. He made his debut in 1992 in Deewana and catapulted to superstardom in 1995 with Dilwale Dulhania Le Jayenge, or DDLJ as it’s realized, which continues to be displaying in theaters in Mumbai, making it the longest walking movie in history. His character in DDLJ, Raj, became the archetype for the present day romantic Bollywood hero-brash, hip, and Westernized, but Indian at coronary heart. His pinnacle hits consist of Kuch Kuch Hota Hai (1998), Kabhi Khushi Kabhie Gham (2001), Kal Ho Naa Ho (2003), and Kabhi Alvida Naa Kehna (2006). Despite his age (he became born in 1965), he found out a incredible y ripped body in Om Shanti Om (2007), which became the best-grossing Hindi film of all-time, proving that he was a ways from being eclipsed by using younger aspirants to his throne (at the same time as poking amusing at Bollywood’s standards of male splendor). In 2008, Newsweek mag named him one of the 50 maximum effective human beings inside the international. He’s married to his childhood sweetheart, Gauri, with whom he has a son and a daughter.