Priyanka Chopra, who is surely having a time of her life in the West with a number of opportunities in her kitty, has now been slapped with multiple tax demands by the Income Tax Appellate Tribunal, as per reports.
Priyanka Chopra, who is surely having a time of her life in the West with a number of opportunities in her kitty, has now been slapped with multiple tax demands by the Income Tax Appellate Tribunal, as per reports. It all began four years back when Priyanka was ordered to pay tax for a luxury watch and a sedan car which she claimed was given to her by respective companies and are not a part of her professional income. Indian Express.com quoting TOI reported that while the watch was valued at Rs 40 lakh, the car was worth Rs 27 lakh. The noted value of both the items have been treated as taxable perquisites by ITAT under section 28(iv) of the Income-tax Act. The section treats as taxable, ‘the value of any benefit or perquisite (whether convertible into money or not), arising from business or exercise of the profession.’
The report also states there are multiple other issues regarding Chopra’s assets by ITAT apart from these two in a series of orders which were passed on January 16 this year. Search and seizure operations carried out in January 2011 by the Income-tax (I-T) authorities against Chopra gave way to a plethora of disputes and these orders come in the wake of appeals by both the IT department and the actor.
Priyanka had said the watch was a gift received from the company out of love, affection and respect towards her and hence cannot be considered a taxable item. But the IT official disagreed, saying, “A company, is an artificial person and therefore does not have any emotional feeling of love and affection which is the cardinal factors for treating any transaction as a gift,” according to reports.