High Court Grants Tax Relief Of Rs 7 Crore To Karan Johar's Production House
The Bombay High Court has dismissed the Income Tax Department's tax appeal allowing Karan Johar's Dharma Productions to claim over Rs 7 crore as an expense.
The
Bombay
High
Court
has
dismissed
the
Income
Tax
Department's
tax
appeal
allowing
Karan
Johar's
Dharma
Productions
to
claim
over
Rs
7
crore
as
an
expense.
The
filmmaker
can
now
finally
take
a
sigh
of
relief.
Had
the
verdict
ruled
against
KJo's
favour,
his
production
house
would
have
had
would
have
had
to
pay
the
amount.
Speaking
about
the
cases,
the
two
date
back
to
2005-2006
-
Kaal
and
2008-2009
-
Dostana.
Karan
Johar's
production
house
climbed
Rs
2.67
crore
as
expenses
for
positive
prints
and
advertisement
for
Kaal
and
Rs
4.46
crore
was
claimed
as
advertisement
expenses
for
Dostana,
reported
Mumbai
Mirror.
As
per
the
reports
in
TOI
A
division
bench
of
Justice
Akil
Kureshi
and
Sarang
Kotwal,
dismissed
the
appeals
filed
by
the
department.
The
report
stated
that
the
bench
observed
that
even
if
the
department
was
right
that
the
expenses
could
not
be
claimed
as
the
cost
of
production,
another
section
of
the
Income
Tax
allowed
those
expenses
to
be
claimed
as
business
expenses.
Therefore,
the
cumulative
effect
was
that
the
production
house
could
have
claimed
the
amounts
as
expenses
and
need
not
to
pay
tax
on
the
same.
On
the
work
front,
Karan
Johar's
next
production
is
the
multistarrer
Kalank
followed
by
Student
Of
The
Year
2
which
stars
Tiger
Shroff,
Tara
Sutaria
and
Ananya
Panday.
The
filmmaker
will
returning
back
to
the
directorial
chair
after
a
long
gap.
He
will
be
helming
Takht
which
boosts
of
a
stellar
star
cast
which
includes
Ranveer
Singh,
Kareena
Kapoor
Khan,
Alia
Bhatt,
Vicky
Kaushal,
Janhvi
Kapoor,
Bhumi
Pednekar
and
Anil
Kapoor.