Indian income tax authorities seize Shah Rukh Khan's farmhouse

The profits-tax (I-T) branch has provisionally attached actor Shah Rukh Khan’s farmhouse in Alibag, a beach town in Maharashtra.
The attachment notice changed into issued to Déjà Vu Farms under the Prohibition of Benami assets Transactions (PBPT) Act in December.

Confirming the improvement, a senior I-T officer said beneath segment 24 of the Act, if the investigating officer believed that the man or woman changed into benamidar, he (the officer) should difficulty the attachment word to that character or the belongings’s beneficial owner (if his or her identification turned into regarded).
according to the law, the attachment of the belongings can be for at most ninety days from the date the attention become issued, he stated.

The circle rate of the attached property is Rs 146.7 million. however, the marketplace price might be 5 times greater, stated another I-T reputable.
taken into consideration a luxurious assets, the farmhouse is unfold over 19,960 square metres and has amenities together with a swimming pool and private helipad.

An electronic mail sent to Khan’s company pink Chillies enjoyment and Kolkata Knight Riders’ leader executive officer on January 24 remained unanswered no matter several reminders.
The fundamental allegation against Khan is that he had applied for getting agricultural land for farming, however as a substitute constructed a farmhouse there for non-public use.
“The said transaction falls beneath the definition of benami transaction as consistent with the segment 2 (9) of the PBPT Act, wherein Déjà Vu Farms has acted as benamidar for the final benefits of Khan. as a result, the actor is a beneficiary for the stated underneath the prescribed law,” said I-T investigation document, submitted to the adjudicating authority, even as searching for provisional attachment.

business standard has reviewed the replica of the attachment and the research file.
The file says the Maharashtra Tenancy and Agricultural Lands Act debars transfers of agricultural land to non-agriculturists without the permission of the collector or the kingdom government.
considering Khan couldn't have purchased the land in his personal name, Déjà Vu turned into used as a the front for farming.
citing the filings with the Ministry of corporate Affairs, the I-T branch stated Déjà Vu Farms changed into integrated with the aid of two shareholders — Srinivas Parthasarathy and Somasekhar Sundaresan — in 2004. In December 2004, the proportion switch certificate were signed by the first shareholders in the call of Shah Rukh Khan and Gauri Khan.

the first director become replaced by 3 administrators — Ramesh Chhiba, Savita Chhiba, and Moreshwar Rajaram Ajgaonkar on the equal day, the document noted.
Khan gave an unsecured mortgage of Rs eighty four.5 million to Déjà Vu Farms.
because it became a piece of agricultural land at some stage in the time of representation, Ajgaonkar declared himself an agriculturist. as a consequence, the additional collector allowed the acquisition of the land on situation that it would be used for farming within three years.
In 2011, Namita Chhiba was appointed director of Déjà Vu in region of Ajgaonkar.
The I-T investigation stated that up to now, the corporation had no longer proven any earnings from farming. The file indicates all the unsecured loans from Khan have been used by Déjà Vu for purchasing land.

The file said that Ramesh Chibba, Savita Chibba, and Namita Chibba had been Khan’s father-in-law, mother-in-regulation and sister-in-regulation, respectively.
The best supply of earnings of the farm became with the aid of manner of the loan superior via Khan to his organisation, which ultimately become owned by using the actor himself.
“Any man or woman aggrieved with the aid of the order of the adjudicating authority can document an appeal to the appellate tribunal inside forty five days from the date of the order. An appeal towards the order of the tribunal can be preferred to the excessive courtroom within 60 days,” explained legit stated above.

the problem have become prominent whilst Raigad District Collector Vijay Suryawanshi said a bungalow purportedly owned with the aid of the actor turned into amongst 87 houses on which his office had sought prison opinion in order that it could take action for coastal regulatory quarter violations.

The finance ministry said in advance this month that the I-T department had stepped up motion below the PBPT Act, which presents for provisional attachment and sooner or later confiscating benami homes, whether or not movable or immovable.
It additionally lets in for prosecuting the useful owner, the benamidar, and people abetting benami transactions, and it can result in rigorous imprisonment of as much as seven years and a satisfactory up to 25 in step with cent of the honest market price of the property.
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