The Revenue Tax Division stated on Thursday that its search and survey operations on two main movie manufacturing corporations, a number one actress, and two expertise administration companies in Mumbai, has unearthed a discrepancy in revenue of ₹300 crore, and manipulations in share transactions with tax implications of ₹350 crore at one of many movie manufacturing homes.
On Wednesday, the Division raided properties linked to filmmaker Anurag Kashyap and actor Taapsee Pannu in Mumbai, in addition to premises linked to a expertise company and Phantom Movies, co-founded by Mr. Kashyap, and producers Vikas Bahl and Madhu Mantena.
“Proof of money receipts by the main actress amounting to ₹5 crore has been recovered. Aside from this, non-genuine/bogus expenditure to associated considerations by the main producers/director having tax implication of about ₹20 crore has been detected. Comparable findings have been made within the case of the main actress additionally,” the Division stated in an announcement.
Seven financial institution lockers have been positioned beneath restraint and searches are persevering with in 28 residential and workplace premises at Mumbai, Pune, Delhi and Hyderabad, the assertion stated.
“In the course of the search, proof of big suppression of revenue by the main Movie Manufacturing home in comparison with the precise field workplace collections has been unearthed. The corporate officers haven’t been in a position to clarify discrepancy of round ₹300 crore,” it stated.
Proof associated to manipulation and under-valuation of share transactions of the manufacturing home amongst the movie administrators and shareholders, having tax implication of about ₹350 crore, has been discovered and is being additional investigated.
“On the workplace premises of the 2 expertise administration corporations, big quantity of digital knowledge has been seized within the type of emails, whatsapp chats, onerous disk and so forth that are beneath investigation,” the IT division stated.
Raids in Tamil Nadu
Individually, search and seizure operations by the Revenue Tax Division on two teams of civil contractors in southern Tamil Nadu have yielded ₹3 crore in unaccounted money, and led to the detection of unaccounted revenue of ₹175 crore. Searches and surveys had been carried out in 18 premises, primarily in Madurai and Ramnad districts, the Division stated.
“Based mostly on intelligence inputs concerning the existence of money, which is prone to be distributed for election functions, searches had been mounted on the enterprise teams. The motion resulted within the discovering of unaccounted money of ₹3 crore which was seized,” the tax authorities stated.
The tax officers additionally discovered that the tax assessee is reserving bogus bills beneath numerous heads to scale back income to lower than 2% of turnover, although they exceeded 20%. “Equally, greater than 100 sub-contractors had been launched to e-book bills to satisfy unlawful funds, and on-money funds for property purchases. These subcontractors launched, had filed returns of revenue from the identical IP deal with, and for the primary time ever, exhibiting solely this receipt as their sole revenue,” the Division stated, including that additional investigations are underway.