Entertainment Bollywood 31 Jan 2018 Income Tax departmen ...

Income Tax department attaches Shah Rukh's 250-crore Alibaug farmhouse

DECCAN CHRONICLE.
Published Jan 31, 2018, 12:37 am IST
Updated Jan 31, 2018, 9:52 am IST
The action was initiated as per the provisions of section 24 of the IT Act.
Shah Rukh Khan
 Shah Rukh Khan

Mumbai: The Income Tax department on Tuesday legally attached Deja vu Farms Pvt Ltd at Alibaug, allegedly belonging to Bollywood actor Shah Rukh Khan. The notice to attach the property was issued as per the provisions of Prohibition of Benami Property Transac-tions Act in December.

The action was initiated by the IT department following allegations that the agricultural land was bought under the pretext of farming however was used to construct a farmhouse.  The action was taken after the IT officer was fairly convinced that the property belonged to the actor despite it being registered in somebody else's name. 

 

Farmhouse of Shah Rukh Khan is worth Rs 250 crore
Based on this, an attachment notice was issued by the IT department. Following the issuance of the notice, the IT department had a span of 90 days to complete the attachment procedure. 

The action was initiated as per the provisions of section 24 of the IT Act. The sprawling beach-side property, spread around 20,000 sq meters, is slated to be worth a whopping Rs 250 crores. Sources said the market rate of the property is likely to rise manifold, keeping in mind the high-end amenities like pool and a helipad. 

“The discrepancies in the application and the use of land parcel into farmhouse led to the action,” officials said. The detailed report stated that transfer of agriculture land for putting it to non-agriculture use is illegal. It also stated that no such permission was sought from the collector or state government. It was also registered as a private company to further show it as a farm land.

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