 "Amitabh Bachchan, Bollywood, Jackie Shroff, Amit Sadh, Rohini Hattangadi, Yami Gautam, Ram Gopal Verma, Sarkar 3, Mumbai")
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
