Bollywood I-T raids: Agency finds discrepancy of Rs 300 crore, Rs 5 crore cash receipts, puts 7 bank lockers under restraint
Bollywood I-T raids: Agency finds discrepancy of Rs 300 crore, Rs 5 crore cash receipts, puts 7 bank lockers under restraint

Income Tax officials, on Wednesday, conducted raids at the properties of Bollywood filmmaker Anurag Kashyap, producer Vikas Bahl and actress Taapsee Pannu in Mumbai. Offices and residences of Kashyap, Bahl and Pannu were searched in the raids. The searches, which were part of a tax evasion probe against Phantom Films, were also carried out at the commerce centre of KWAN Talent Management Agency.

According to an official statement, the agency has found evidence of suppression of income by the leading production house compared to actual box office collections. Discrepancy of around Rs 300 crore was unearthed during the raids, which were carried at a total of 28 premises in different locations.

The agency has also found evidence related to manipulation and under-valuation of share transactions of the production house. Tax implication of about Rs. 350 crore was found and it is being further investigated, the statement said.

Evidence of cash receipts by the leading actress amounting to Rs 5 crore has been recovered, it added.

Apart from this, the statement also said that non-genuine or bogus expenditure to related concerns by the leading producers/director having tax implication of about Rs 20 crore has been detected by the I-T department.

During the search, seven bank lockers were found and have now been placed under restraint.

"Similar findings have been made in the case of the leading actress also," it said, adding that the search is continuing in all the premises.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal

www.freepressjournal.in