The Income Tax Department (IT) continued its searches for entities related to actor Taapsee Pannu and filmmaker Anurag Kashyap, as well as their partners linked to production company Phantom Films Pvt Ltd for the second day.
Approximately 168 tax officials have been searching 28 locations in Mumbai and Pune in connection with the alleged tax evasion by companies related to Kashyap, its former business partners, Pannu, and two talent management companies, Kwan Entertainment and Exceed Entertainment.
The tax agency has reportedly found discrepancies of around 650 million rupees.
“… Evidence has been uncovered of a massive revenue suppression by the top film production company compared to actual box office takings. Company officials have not been able to explain the discrepancy of around Rs 300 million. Evidence related to the manipulation and undervaluation of production house stock transactions between film directors and shareholders, which has a tax implication of around Rs 350 crore, has been found and is being further investigated. ” said Surabhi Ahluwalia, official spokesperson for the Central Board. Direct Tax (CBDT), in a statement without naming entities or individuals. The CBDT said that the tax authority has found evidence of cash income from the actor amounting to 5 million rupees.
“Apart from this, non-genuine / bogus expenditures for related concerns have been detected by major producers / directors having a tax implication of approximately Rs 20 crore. Similar findings have also been made in the case of the lead actress, ”said the CBDT spokesperson.
Phone calls and text messages to Kashyap did not get any response. Pannu also did not respond to calls.
The tax department has been searching the premises for current Phantom directors Madhu Mantena and Sibhashish Sarkar, who is also the CEO of Reliance Entertainment; Kashyap associates and film directors Vikas Bahl and Vikramaditya Motwane. He also sought out senior executives from two talent management firms, Kwan Entertainment and Exceed Entertainment.
The raids had elicited a strong response from the Maharashtra state government, calling it an attempt by the Center to use agencies to intimidate those who spoke out against the BJP government. Both Kashyap and Pannu have criticized the ruling party and the Center and questioned policies, including the National Registry of Citizens (NRC) and the Citizenship Amendment Act (CAA) and, more recently, agricultural laws, on social media. .
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