The Income Tax Department today carried out raids at the properties of film director Anurag Kashyap, actor Taapsee Pannu and filmmaker Vikas Bahl. The searches are being carried out at the premises of the film production company - Phantom Films which was dissolved in the year 2018. It is being alleged that the search is in connection to a case of tax evasion.
Moreover, searches by the Income Tax Department are also underway at the premises of Shibhashish Sarkar (CEO Reliance Entertainment), Afsar Zaidi (CEO Exceed), Vijay Subramaniam (CEO Kwan). The now dissolved company Phantom Films was founded by Anurag Kashyap, Vikramaditya Motwane, producer Madhu Mantena, and Vikas Bahl in the year 2011. However, in the year 2015, Reliance Entertainment procured a 50% stake in the company.
Findings of the Income Tax Department in their search:
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.
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.
Evidence of cash receipts by the leading actress amounting to Rs 5 crore has been recovered. Further investigation is going on.
Apart from this, non-genuine/bogus expenditure to related concerns by the leading producers/directorhaving tax implication of about Rs. 20 crore has been detected. Similar findings have been made in the case of the leading actress also.
At the office premises of the two talent management companies, huge amount of digital data has been seized in the form of emails, whatsapp chats, hard disk etc which are under investigation.
During the search, 7 bank lockers have been found which have been placed under restraint. Search is continuing in all the premises.
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