I-T Raids On Anurag Kashyap, Taapsee Pannu: Discrepancies In Income Worth Rs 350 Cr & More, Says CBDT

The company officials have not been able to explain discrepancy of around Rs. 300 crore, as per the officials conducting the raids. The IT sleuths have also found evidence related to manipulation and under-valuation of share transactions of the production house amongst the film directors and shareholders.

IT Raids On Anurag Kashyap, Taapsee Pannu | Image Courtesy: Instagram

A day after the Income Tax (IT) department raided the premise of celebs Tapsee Pannu, Anurag Kashyap, few members of the former production house Phantom Films, talent agencies, and other places, several discrepancies were found in the amount floating around B-town transactions including manipulation of income and bogus expenditures.

As per reports, the Central Board of Direct Taxes (CBDT), in a statement on Thursday, revealed that they have found tax implications of about Rs 350 crore, and further investigation is underway in the matter.

The Income Tax Department, without naming the production houses, specifically said that they have found evidence of suppression of income compared to the actual box office collections.

The company officials have not been able to explain the discrepancy of around Rs. 300 crore, as per the officials conducting the raids. The IT sleuths have also found evidence related to manipulation and under-valuation of share transactions of the production house amongst the film directors and shareholders.

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The officials have also recovered cash receipts by the leading actress amounting to Rs 5 crore.

Apart from this, non-genuine or bogus expenditure by the leading producers and directors having tax implications of about Rs. 20 crore has been detected. Similar findings have been made in the case of the leading actress also, CBDT announced.

The officials conducting the raids seized a huge amount of digital data has been seized in the form of emails, WhatsApp chats, hard disk, etc. at the office premises of the two talent management companies.

Besides that, seven bank lockers have also been found during the search which has been kept under restraint.

 The search operation is still being carried out at locations such as Mumbai, Pune, Delhi and Hyderabad. A total of 28 premises are being covered in different locations which include residences and offices.