Celebrities have continually featured inside the news in terms of the profits Tax department. Be it for notices filed or the quantity of taxes paid in advance, Bollywood celebs have continually featured in each of the listing. Now we listen that the income Tax branch has provisionally attached Shah Rukh Khan’s Alibaug farmhouse below the Prohibition of Benami property Transactions Act in December.
This attachment of Shah Rukh Khan’s property comes after allegations that Shah Rukh Khan had made an application to buy agricultural land for farming. however, the actor as a substitute built a farmhouse at Alibag for non-public use. due to this, the said belongings and transaction falls under the definition of ‘benami transaction as according to the section 2 (9) of the PBPT Act, where Deja Vu Farms (Shah Rukh Khan’s Alibaug farmhouse) has acted as benamidar for the last benefits of SRK. therefore, the actor is a beneficiary for the said underneath the prescribed law’.
Confirming the identical, a senior earnings Tax reputable added that the said matter comes beneath section 24 of the Act in which if the investigating officer believed that the person is benamidar, he can problem the attachment observe to that character or useful proprietor (if identity is understood). If that wasn’t enough, making topics worse is the fact that beneath the PBPT Act, which provides for provisional attachment and subsequent confiscation of benami homes, whether or not movable or immovable. It additionally permits for prosecution of the useful proprietor, the benamidar and the abettor to benami transactions, which may additionally bring about rigorous imprisonment up to seven years and pleasant up to 25 in keeping with cent of fair marketplace price of the belongings.