MUMBAI – Bollywood superstar Shah Rukh Khan if proven guilty, could facean imprisonment upto 7 years and a fine valuing 25 percent of the fairmarket value of the benami property.
Khan has again landed in trouble with the Income tax department for abenami property.
According to media reports, the I-T department has commenced a freshinvestigation against the artist, for acquiring agricultural land meantonly for agricultural activities, on which the star has constructed a farmhouse, which after amendments in the law comes under the ambit of benamiproperty.
Earlier, Shah Rukh Khan was able to get relief for the said property whichis approx worth INR 15 crore.
Read Top Stories
According to the I-T report submitted, ‘The said transaction falls underthe definition of benami transaction as per Section 2(9) of the Prohibitionof Benami Property Transactions Act, 1988, where Deja Vu Farms has acted asbenamidar for the ultimate benefit of Khan. Thus, the actor is abeneficiary for the said transaction under the prescribed law.’
According to the department Shah Rukh was, ‘not an agriculturist, he soughtto purchase the land by forming Deja Vu Farms Pvt, a front entity andgiving it colour of company engaged in agriculture.’
