The Income Tax Department has provided details on the raids conducted on film production companies related to producer-director Anurag Kashyap and actress Taapsee Pannu.
As per a Press Note shared by Zee News journalist Jitender Sharma, the Income Tax Department has said that company officials have been unable to explain a discrepancy of Rs. 300 crore in the raids it had carried out yesterday. “The Income Tax Department is carrying out search and survey operations which started on 03.03.2021 on two leading film production companies, a leading actress and two Talent Management companies in Mumbai,” the press note said. “The group is mainly engaged in the business of Production of Motion Pictures, Web Series, acting, direction and talent Management of celebrities and other artists. A total of 28 premises are being covered in different locations which includes residences and offices,” the note added.
“During the search, evidence of huge suppression of income by the leading Film Production house compared to the actual box office collections has been unearthed. The company officials have not been able to explain discrepancy of around Rs. 300 crore,” the note says.
The IT Deparment said that the manipulation of share transactions had a tax implication of Rs. 350 crore. “Evidence related to manipulation and under-valuation of share transactions of the production house amongst the film directors and shareholders, having tax implication of about Rs. 350 crore has been found and is being further investigated,” the IT Department said.
Speaking of Taapsee Pannu, the IT Department said that it had recovered cash receipts of Rs. 5 crore. “Evidence of cash receipts by the leading actress amounting to Rs 5 crore has been recovered. Further investigation is going on,” the note says. “Apart from this, non-genuine/bogus expenditure to related concerns by the leading producers/director having tax implication of about Rs. 20 crore has been detected. Similar findings have been made in the case of the leading actress also,” it adds.
The Income Tax Department has said that it had seized digital data in the form of WhatsApp chats and hard drives. It has also placed 7 bank lockers under restraint.