Actor's Tax Petition Dismissed: Taxed on Amounts Received, Not Annuities

The High Court of Madras dismissed the tax case petition of a film actor, ruling that the actor would be taxed only on the amounts actually received during the year, despite maintaining accounts in the cash system and receiving annuities under an annuity policy from the producer.

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The High Court of Madras dismissed the tax case petition of a film actor who maintained accounts in the cash system and received annuities under an annuity policy from the producer. The court held that the actor would be taxed only on the amounts actually received during the year. (Case citation: 2001 (3) TMI 12 - MADRAS High Court)

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