India, March 9 -- In a significant victory, actor Shah Rukh Khan has emerged triumphant in a tax dispute, with the Income Tax Appellate Tribunal (ITAT) delivering a verdict in his favour. The tribunal has quashed the reassessment proceedings and order issued by the tax authorities for the 2011-2012 financial year. Also read: Shah Rukh Khan, Ajay Devgn, and Tiger Shroff in legal trouble over 'Vimal' ad: Report

According to a report by The Times of India, ITAT has overturned the reassessment proceedings.

In a dispute over his income-tax return, the tax officer disputed Shah Rukh's declared income of Rs.83.42 crore, rejecting his claims for foreign tax credit for taxes paid in the UK. Consequently, the officer reassessed the actor's income...