Wednesday, March 28, 2012

I-T wants to tax ABCL’s R18 cr payment to Amitabh, wife

I-T wants to tax ABCL's R18 cr payment to Amitabh, wife

Following an appeal by income tax (I-T) authorities, the Bombay high court will decide whether Rs18 crore paid by Amitabh Bachchan Corporation Limited, to the actor and his wife Jaya Bachchan counts as capital or revenue expenditure. According to the appeal filed by the I-T commissioner it is a capital expenditure and hence taxable. The appeal, first submitted in 2006, challenges an income tax appellate tribunal order that held it was revenue expenditure.
The I-T counsel told a division bench of justice DY Chandrachud and justice MS Sanklecha that the company had acquired a brand by making this payment. "It is a new means of access to income. This payment is hence capital expenditure," the appeal states. The appeal added that by acquiring the brand, the company enabled the management to conduct business while leaving fixed income untouched.HC has recently admitted the petition.

ABCL had filed returns in 1995 showing a loss of Rs17,74,85,826, on the grounds that the money paid was according to the agreement entered into by the company with Bachchan and his wife. Of this amount, Rs15 crore was paid to the actor and Rs3 crore to his wife. The actors had allowed the company to use their names for various purposes and agreed to make themselves available to the company for a period of 120 days in a year, for 10 years.

The assessing officer held that the company had acquired a brand by making this payment.

ABCL had then approached the commissioner of income tax, appeals, who held that the expenditure was capital. 

Subhash Ghai breaks the ice with Amitabh Bachchan

Subhash Ghai breaks the ice with Amitabh Bachchan

On Sunday, showman Subhash Ghai paid Big B a visit at his residence Jalsa. A momentous happening, considering the two of them haven't visited each other for the past 25 years.

Stalwarts both, they may have exchanged pleasantries at public events but for all practical purposes, they haven't exactly been on talking terms ever since their film together Devaa was scrapped within the first few days of shooting because of 'creative differences' between them.

Today, Ghai, who has mellowed over the years, feels differently about the episode. Apparently, he attributes the shelving of the film to his own arrogance or maybe even ignorance. Possibly, that is one of the reasons why he decided to visit Big B. And reportedly, Devaa wasn't even mentioned when they met. Ghai has a completely new project in mind for Big B - a big wide-screen spectacle in line with his biggies with Dilip Kumar like Vidhaata, Saudagar and Karma.

When contacted, Ghai tried to play down the excitement saying, "I went to meet him at his home with no hidden agenda, just to catch up with him and wish him a speedy recovery. It was long due. I am his admirer. I'd love to work with him. We need a great script. I consider him the best actor in the country after Dilip Kumar." Big B too confirmed that Ghai had visited him.

Interestingly, Big B, who is recovering from a major surgery and postsurgery complications, has, for now, decided to focus on the next season of Kaun Banega Crorepati. And as far as films go, he has only given his nod in principle to Sudhir Mishra's Mehrunissa. No prizes for guessing Ghai's proposal has come at a very interesting juncture in the iconic actor's life when he has decided to work more selectively. 
News TOI

Mehmood gave Amitabh Bachchan his big break

Mehmood gave Amitabh Bachchan his big break

Despite a National Films Award for his debut film and a few critically acclaimed performances in Anand and Reshma Aur Shera, Amitabh Bachchan still lacked that one big budget production on his resume.

Finally, three years after his induction into the Hindi cinema industry, it was Mehmood who gave Mr B, who was still to become Big his first big budget break. It was 1972. And Amitabh Bachchan's first commercial venture Bombay To Goa was all set to hit the silver screen. At the premiere of the film ace lensman Shyam Aurangabadkar captured the actor with Mehmood sipping on some thanda.Not the angry young man yet, it is endearing to see the lanky Mr Bachchan listen to Mehmood's instructions like an eager newcomer. On the other hand, Mehmood looks happy to have discovered a new talent.

There is not much that one can say, When life at peace is in the fray

Jalsa , Mumbai              Mar  27 ,  2012                    Tue  11 : 54 PM

 

 There is not much that one can say,

When life at peace is in the fray ..

We are but elements of some Grace,

Abetted, guided quite in our face …

It takes some measure of our stance,

To live and perhaps enhance ..

Gain we must and gain we should,

Of circumstances if we could ..

 

 

The timer on the clock does strike,

Indicative of what we never like ..

Going now and going soon,

Eyelids they shut but self immune ..

Be in cold space of crouching knees,

To dream and dream a bitter tease …

 

 

 

My hands in prayer …

Amitabh Bachchan

 

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