Shah Rukh Khan has finally won a tax dispute case related to his film Ra.One. The Income Tax Appellate Tribunal dismissed the case ruling that the reassessment by tax officials was not legally justified.
The dispute started in 2011-12 when tax authorities questioned Shah Rukh’s earnings from Ra.One. The tax officer argued that his declared income of Rs. 83.42 crore for 2012-13 was incorrect and reassessed it at Rs. 84.17 crore.
The issue also involved foreign tax credit claims for taxes paid in the UK, as 70% of the film was shot there.
The IT department rejected SRK’s claims, citing revenue loss for India. However, ITAT ruled that there was no valid reason for reassessment beyond the four-year limit.
With this decision, SRK has successfully closed the long-pending tax issue.
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