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.
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