Shah Rukh Khan I-T notice; asked to spell out offshore investments

July 25, 2016

Mumbai, Jul 25: Amid New Delhi's high-pitched hunt for hidden assets of the rich and famous, actor Shah Rukh Khan has received a notice from the income-tax department. About a fortnight ago, the tax office asked Khan to spell out details of his investments in offshore destinations.

srkThe tax office sought details of Khan's investments in destinations such as Bermuda, British Virgin Islands (BVI) and Dubai. While tax authorities are sitting on a mountain of information on offshore investments by a large number of Indians, it is unclear whether the department has any prima facie evidence to believe that Khan's overseas assets reflect his undisclosed wealth.

The notice was sent under Section 131 of the Income-Tax Act, which empowers tax authorities to conduct enquiries, a person aware of the development told ET. The department, it appears, is going beyond the actor's disclosed ownership of shares of companies in tax havens to fish out information such as activities of these outfits, the decision-makers, directors, etc. ET's email to Karuna Badwal, Khan's business manager and co-producer at Red Chillies Entertainment, went unanswered till the time of going to press.

According to industry sources, besides Khan, a few industrialists who have structured investments through Singapore have received similar notices. It happens at a time the government — driven by its promise to unearth black money — is going after many wealthy Indians who did not declare overseas bank accounts and assets such as properties and stocks in the quasiamnesty scheme last year. The notices to celebrities (like Khan) may be aimed at reminding the rich that they should come clean under the ongoing Income Declaration Scheme (IDS), which is being aggressively marketed by the finance ministry as an opportunity to declare undisclosed local assets.

Efforts to make a ID's a success

"The government is making all efforts to make IDS a success. Notices are being issued to assessees to send the message that the government is serious and those who once again refuse to declare concealed income would face the music," said senior chartered accountant Dilip Lakhani.

According to Mitil Chokshi, senior managing partner at audit firm Chokshi & Chokshi LLP, "There's no doubt that those assessees who have been issued notices or subjected to investigation cannot opt for IDS. But such actions — like prosecution initiated against many assessees, charges slapped on many professionals for aiding and abetting, and information obtained from other jurisdictions — would make assessees think twice before evading tax. It would surely go to make many new assessees." Neither Lakhani nor Chokshi is an adviser to Khan.

Many businessmen, top-notch professionals and actors have used the liberalised remittance scheme of the Reserve Bank of India to buy apartments and stocks abroad. Many, in order to escape estate duty, bought into shell companies in Jersey to invest in London's property market. The scheme allows investment in almost all markets barring countries such as Mauritius, Iran and Afghanistan. Some businessmen have used their companies in India to invest abroad as rules allow a local company to invest up to 400% of its net worth in an overseas joint venture or wholly owned subsidiary.

"A lot depends on how investments are structured. A professional in showbiz who parks a slice of his earnings from overseas shows in an offshore account may appear to be violating the law. But if he organises his business smartly — by giving the rights of organising such shows to a firm in BVI or Dubai and hires directors who execute the decisions — he may still be within the tax rules. He is liable to pay tax only if he receives dividend from such overseas companies he has floated," said a person who provides such advice.

A few years ago, taxpayers were told to share information of overseas investments in their tax returns. "But even if one shares such information, the tax department would not know the nature of the company and its structure. Now, they are trying to find out more. But there's very little the department can do if the investments are legal," he said.

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News Network
January 23,2020

Jan 23: Calling himself an optimist who believes in the goodness of people, director Kabir Khan says everything these days is being looked at through the prism of religion but India is about more than that.

The director of blockbusters such as Bajrangi Bhaijaan and Ek Tha Tiger said he is happy he has a platform as a filmmaker to present a counterpoint to the prevailing narrative based on religious fault lines.

"I’m an optimist who believes in the goodness of the people. But yes, there is a certain level of bigotry that has crept in. Everything is being looked at through the prism of religion but India is not about that.

"It sounds like a cliché but when I was growing up, I was not aware of my religion. That was the greatness of this country,” Kabir told news agency.

He said he is a product of a mixed marriage and is pained to see the social fabric being tattered.

“I have celebrated the best that Indian secularism has to offer. But to see the greatness of this country being simplified and broken down into religious fault lines is a painful experience,” he added.

According to Kabir, it is dangerous to see history through the prism of religion, whether in cinema or society. But it is important to revisit history to know what happened and one can always find something that is relevant for the present, he said.

The director, who started as a documentary filmmaker, returns to his roots for a five-episode series on Subhas Chandra Bose's Indian National Army, The Forgotten Army: Azaadi Ke Liye, on Amazon Prime, his most expensive project yet.

Asked whether this is a difficult time for filmmakers, Kabir said he believes art thrives in the time of strife and, as a storyteller, his politics will always reflect in his work.

“Every film has its politics and every filmmaker has to reflect his or her politics. Every film of mine will reflect my politics and it will never change according to the popular mood of the audience. But a film should not be just about that. Politics should be in the layers beneath," he said.

He terms his 2015 Salman Khan-starrer Bajrangi Bhaijaan an "extremely political" film. At face value, it can also be enjoyed as the story of a mute Pakistani girl who drifts into India and is taken back to her homeland by a Hanuman devotee. But there is so much more. The "chicken song", for instance, was a sly reference to the beef ban controversy at the time, he said.

"I won’t say it is a difficult time for me as a filmmaker. It is good that I have a platform where I can talk and present a counterpoint and I refuse to believe that the entire country believes the narrative that is being sent out. There are millions and millions of people, and perhaps the majority, that does not believe. And if I present the counterpoint, they will think about it.”

Discussing his new series, the director said it has always fascinated him that the sacrifice of the men and women who comprised the INA is just a forgotten footnote in history.

“I wanted to make something that stands the test of time. It goes down in posterity,” Khan, who first explored the subject in a Doordarshan documentary 20 years ago, said.

For the documentary, he traveled with former INA officers Captain Lakshmi Sahgal and Captain Gurbaksh Singh Dhillon from Singapore to India via erstwhile Burma, retracing the route that the INA followed.

“The documentary got me a lot of attention and acclaim but the story just never left me. It's actually the first script I ever wrote and I landed up with that script in Bombay from Delhi. I realised very soon that nobody's going to give me a budget of this size to make my first film.

"And then after every film, I would pick up the script and say, ‘Okay, this is the one I want to make’, because this is the story that made me want to become a filmmaker. On the way, I ended up making eight other films but this is really the story that I wanted to make,” he said.

Kabir is happy that the story has come out as a series, not a film, as it would have required to compromise with the budget and other elements.

"Without giving any numbers, this is the most expensive project I have ever worked on… It required that kind of budget."

Kabir believes the INA was responsible for bringing down the morale of the British establishment, which realised it would be impossible to keep the country colonised without the support of the local army.

"There are a lot of debates and discussions about what happened with the INA and the controversies around it. The whole point is that, if you want to judge what the Army did, sure that's your prerogative, but at least get to know what they did. Nobody knows what happened with the Army from 1942 to 1945."

He added that 55,000 men and women of the INA fought for independence and 47,000 of them died.

"Not a single person from that Army was ever taken back into the independent Army, which is such an amazing fact... the fact that the British called them traitors became the narrative and we also started assuming that they were traitors."

"They were the only women's regiment in the whole world 70 years ago. That's what they thought about women's importance in society. I don't know whether they will be happy with what the current situation is," he said.

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News Network
June 16,2020

Mumbai, Jun 16: Filmmaker Dibakar Banerjee remembers Sushant Singh Rajput as a dance loving 'chhokra' from an engineering college who, having made it in Bollywood, was “enthused, sincere and totally focused” on his craft.

Banerjeee said the actor always had “a book or two” with him and took pride in the fact that he had an “inner intellectual life away from the shallower aspects of showbiz”.

Rajput was found dead in his Bandra apartment on Sunday at the age of 34, leaving his friends, colleagues and collaborators in a state of shock.

The Patna-born actor and the director worked together in 2015 film "Detective Byomkesh Bakshy!" when Rajput was a relative newcomer in the industry. Banerjee says it was Rajput's vulnerability and willingness to do different that made him stand out for the role.

In an interview with news agency, the filmmaker looks back at Rajput's sincerity, his love for science and astronomy and how an outsider has to work harder than a "mediocre, unmotivated and entitled establishment elite" to succeed in Bollywood.

Excerpts:

You worked with Sushant when he was less than two-year-old in the film industry. What struck you the most in him to cast as Detective Byomkesh Bakshy?

Banerjee: His vulnerability and intensity and the ambition to do different things than the usual Bollywood stuff.

What were your memories of Sushant- the actor and the person?

Banerjee: As an actor he would tense himself up for the scene and then completely plunge in take after take. He would put a lot of value on preparation. He would be up the previous night of the shoot, reading the scene and making notes and land up on the sets all raring to go.

He would be on, ready and give his hundred per cent throughout the shoot of Byomkesh - no matter how hard or long the day. The unit did not really have to worry about him - considering he was the star. That's what I remember - a total pro, enthused, sincere and totally focused.

As a person, he seemed to me a happy dance loving 'chhokra' from an engineering college who had made it in showbiz and now was serious about acting. He was deeply nostalgic about his carefree student days in Delhi. We used to laugh a lot - I remember that quite clearly.

Sushant's friends say that he spoke more about books and his love for astronomy than films and their fate, which is rare for an actor in the industry. Do you also remember him that way?

Banerjee: Totally true. He was a science and astronomy nut. Always had a book or two with him - and was proud of the fact that he had an inner intellectual life away from the shallower aspects of showbiz. I recognized it as a reflex, protective action to prevent the Bollywood swamp sucking him in totally. And also an identity he wanted to protect and project.

Sushant's death has brought to the fore the struggles of outsiders and the alienation they often face from the nepotistic culture of the industry. Did you feel that Sushant was also fighting this battle despite being a successful actor?

Banerjee: We all fight it, day in and out - whether successful or failing. But the trick is to define that success and failure ourselves and not let the narrative constantly forced by the establishment to get to you. Those who know this weather the storm and ultimately survive and thrive.

The biggest unfairness in all this is that it takes double the talent, energy and hard work for an outsider to convince the audience and the industry that he or she is as safe a box office bet as a mediocre, unmotivated and entitled establishment elite.

The media colludes in this by wallowing in family, coterie and celebrity worship. This leads to deep anger and frustration. Those who can let this slide survive. Those who can't - those who hurt a little more or are vulnerable and impressionable - they are at risk.

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Agencies
July 29,2020

Patna, Jul 29: BJP MLA Neeraj Kumar Singh Bablu, cousin of Sushant Singh Rajput, on Tuesday said that a huge amount of money has been transferred into the account of actress Rhea Chakraborty from the actor's account.

"An FIR has been filed against actress Rhea Chakraborty by the father of Sushant Singh as a huge amount of money has been transferred into her account and they both have joint accounts for some companies through which cheating has been done from her side," Bablu said.

"This is the issue of probe and police will go there and investigate the matter after that everything will be revealed," he added.

He also said that Karan Johar should also be called in for questioning by the Mumbai Police in connection with Sushant Singh Rajput's death case.

The statement was given in the backdrop of several top film personalities being questioned in connection with the case.

On July 28, an FIR has been registered against actor Rhea Chakraborty under various sections including abetment of suicide on the complaint of Sushant Singh Rajput's father Krishna Kishor Singh, the police said on Tuesday.

It said that a four-member team has been sent to Mumbai following registration of FIR.
"A four-member team has been sent to Mumbai. The team will collect case diary and other important documents from Mumbai Police," Sanjay Singh, Inspector General, Patna Central Zone said.

In the complaint made to Rajeev Nagar police station in-charge, KK Singh alleged that Rhea Chakraborty and her relatives "committed fraud" and "pressurised the actor for financial gains".

Sushant's father alleged that Chakraborty "got in touch with the actor with a motive to establish herself in the film industry using his contacts and she and her relatives started interfering in his affairs".

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