Karan Johar's Dharma Productions exempt from tax amounting to Rs 7 cr by Bombay HC
The Bombay High Court dismissed an appeal by the Income Tax department against Dharma Productions.
The Bombay High Court recently dismissed an appeal filed by the Income Tax Department against Karan Johar's Dharma Productions regarding the cost of production declared for two films. Dharma claimed over Rs 7 crore as expenses, but would have had to pay tax on the amount if the court had ruled in favour of the IT department, writes Mumbai Mirror.
The two cases were about Kaal and Dostana. For Kaal, the production house claimed Rs 2.67 crore for "positive prints and advertisements" and Rs 4.46 crore for advertising. The expenses in both cases were claimed as "cost of production", after the films received certification from the Central Board for Film Certification (CBFC). Mirror writes that the IT department believed expenses of such nature were not allowed.
The bench dismissed the appeal and said that even if the IT department was right that this money could not be claimed as "cost of production", another section allowed them to be claimed as "business expenses."
On the professional front, Johar has many big projects lined up. He is producing Student of the Year 2 with debutants Ananya Pandey and Tara Sutaria and the period drama Kalank, directed by Abhishek Varman. He will also direct the multi-starrer Takht.
Jugjugg Jeeyo finely shares thoughts on the abuse of marital vows and how quickly they turn sour if left too long to dry in the sun.
Varun Dhawan, Kiara Advani, Anil Kapoor and Neetu Kapoor's Jug Jugg Jeeyo is expected to take a promising start at the box office.
In 1976, Yash Johar launched his production banner Dharma Productions, which is one of the biggest production houses in the country today. The first film that Yash Johar produced under the Dharma Productions banner was Dostana, which was released in 1980.