Income Tax department attaches Shah Rukh Khan's 250-crore Alibaug farmhouse, the action was initiated as per the provisions of section 24 of the IT Act.
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 Transactions Act in December.
The action saw initiation by the IT department. Surely following allegations that the agricultural land’s transaction was under the pretext of farming. However, it materialized into 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 the IT department issued an attachment notice. 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 I.T. Act. The sprawling beach-side property, spread around 20,000 sq meters, is approximately 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 a 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 surely states that transfer of agriculture land for putting it to non-agriculture use is illegal. It also states that no such permission granted by the collector or state government. The property registration was in records by a private company to further show it as a farmland.