Finally! Kushal Tandon gets relief of over 30 lakhs from Income Tax Appellate Tribunal

MUMBAI: Kushal Tandon, who is one of the most popular actors in telly town, finally got relief of over 30 Lakhs from ITAT (Income Tax Appellate Tribunal).

The Mumbai bench of the Income Tax Appellate Tribunal had reportedly confiscated Rs 30 Lakhs from actor Kushal’s account, which he claimed to be a ‘gift’ from his father.

Now, according to the latest report, the ITAT said that the money received by the actor from his father is not bogus and cannot be treated as unexplained income. The actor even approached the Tribunal claiming that the Assessing Officer has wrongly held the gift of Rs. 30 Lakhs which he received as a gift under section 68 of the Income Tax Act.

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Media reports have it that Kushal was asked to provide documentary evidence to support the gift transaction. His father’s Income Tax return for the year in which the gift was made showed an income of Rs 4.12 lakh only. So, on that basis, the IT department withheld the gift and considered it as an ‘unexplained cash credit’ and sought to tax it accordingly in the actor’s hands.

Kushal Tandon had submitted to the ITAT that the then limited earnings of the actor were not enough to help him meet his expenses. Thus, his father had come to his aid and supported him with the money out of his past savings.

Keep reading this space for more updates.

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CREDIT: REPUBLICWORLD