Tribunal rules in favour of actor Jackie Shroff in income tax dispute

In 1995, Atlas and Grandway were trying to exit MSM and Standard Chartered Bank, Singapore was given the mandate

A tribunal recently ruled in favour of actor Jackie Shroff in an income tax (I-T) case relating to compensation received by him for withdrawing a complaint.
 

The issue was whether the money received is capital receipt or revenue receipt. If the former and not defined in the I-T Act, it will be exempt from income tax, explained Rahul Singh, an expert at Taxmann.

For assessment year 2011-12, Shroff got $1.5 million (~69.8 million at the time) from one Sudesh Iyer. He did not offer it for taxation.

The issue dates back many years when the actor and others proposed bringing Sony TV