Priyanka Chopra slapped with multiple tax demands by ITAT

Priyanka Chopra may be busy strutting on the walkways in the west, be it for the third season of her show or for her multiple Hollywood projects. However, back home, the actress has been slapped with multiple tax demands by the Income Tax Appellate Tribunal (ITAT) over a four year period. As per reports this comes after the ITAT shot down Priyanka Chopra’s claim that a luxury watch worth Rs. 40 lakhs along with a luxury car valued at Rs. 27 lakhs were gifts from their respective companies, and not part of her professional income.

However, in its ruling the ITAT has stated that the value of both items were to be treated as taxable perquisites under section 28(iv) of the Income-tax (I-T) Act. This said section states that the value of any benefit or perquisite (whether convertible into money or not), arising from business or exercise of profession is taxable.

If that wasn’t all, while the above are just two of the issues settled by the ITAT, Priyanka Chopra also faces a series of orders, passed on January 16 this year that cover four years from the financial year 2006-07 onwards. These issues come after multiple appeals by both the Income-tax department and the actor on disputes, stemming from search and seizure operations carried out in January 2011 by the Income-tax authorities.

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