Katrina Kaif: Katrina Kaif gets clean chit from income-tax tribunal on

Bollywood's leading lady Katrina Kaif was
given a clean chit by the income-tax
tribunal even though records fished out
from her agent's computer talked about
cash payment to the actress.
While dealings in Mumbai's tinseltown
have turned far more kosher compared
with the days of underworld finance, it's
a widely shared perception that some
cash still changes hands, even though
volumes have dramatically dipped. So,
when tax officers stumbled upon the
laptop of an employee of Matrix the
talent management firm hired by Kaif
and the computer spreadsheet
mentioned a cheque payment of Rs 2.07
crore and cash payment of Rs 58 lakh
against the actress' name, they
concluded that the respective amounts
capture the split between white and
black money.
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But according to the tax tribunal, which
gave its ruling about a week ago, it was
not a direct evidence. The documents
and the laptop, belonging to
Sandhya Ramchandra (who worked for
Matrix) were seized in the course of a
search. Clients of Matrix, which is run by
Reshma Shetty, include Kaif, Kareena
Kapoor, Alia Bhatt and till recently Salman
Khan, among others.
"Under Income-Tax Act, income can be
taxed only when it is conclusively proved
that it has been received by the assessee.
Evidence from a third party, even a
connected person, in the absence of any
concrete proof is not adequate to
sustain the addition (of income)
unless the department makes great
efforts to bring on record some extra
evidence," said senior chartered
accountant Dilip Lakhani. Tax
practitioners like Lakhani believe that the
government's measures to nab tax
evaders would be successful only if the
department is in a position to correlate
or corroborate any evidence on cash
payment.
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For instance, any handling of undeclared
cash would subsequently entail
transactions to launder the money
converting black into white. This would
involve eventually handing over a cheque
to the person in question. Tax assessing
officers will have to correlate the cash
amount and the cheque details in the
records of bookkeeper or agent or
business partner with any cheque
deposited by the client in the bank.
Thus, an assessing officer will have to
establish the fact that entries made in
the seized document are correct. Here,
the evaluation sheet found from the
computer of Ramchandra cannot prove
that cash of Rs 58 lakh has actually
moved from Matrix to the actress. Kaif,
however, had acknowledged having
received Rs 2.07 crore in cheque.
(Courtesy: The Economic Times)

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