The searches on the premises of filmmaker Anurag Kashyap and his companions who launched the now shuttered manufacturing home Phantom Films, and Bollywood actor Taapsee Pannu by the Income Tax (IT) division have landed them in bother because the tax company has discovered “discrepancy and manipulation of income” working into crores. The Income Tax division carried out the searches at 28 places in Delhi, Hyderabad, Mumbai and Pune on premises linked to Phantom Films, Kashyap, Pannu, Vikas Bahl, Madhu Mantena and a few executives of expertise administration firm KWAN and likewise one other expertise administration firm.
In a press release, the IT division stated that it was finishing up search and survey operations which began on March 3 on two main movie manufacturing firms, a number one actress and two expertise administration firms in Mumbai.
It stated that the searches are being carried out at Mumbai, Pune, Delhi and Hyderabad. “The group is mainly engaged in the business of production of motion pictures, web series, acting, direction and talent management of celebrities and other artists. A total of 28 premises are being covered in different locations which include residences and offices,” it stated.
“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,” it stated.
The IT division knowledgeable that 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 Rs 350 crore has been discovered and is being investigated.
Commenting on the searches on the premises of Pannu, the IT division stated, “Evidence of cash receipts by the leading actress amounting to Rs 5 crore has been recovered. Further investigation is going on.”
It stated that other than this, non-genuine or bogus expenditure to associated issues by the main producers or director having tax implication of about Rs 20 crore has been detected.
“Similar findings have been made in the case of the leading actress also,” it stated.
The IT division additionally stated that on the workplace premises of the 2 expertise administration firms, an enormous quantity of digital knowledge has been seized in the type of emails, whatsapp chats, laborious disk and so forth that are below investigation.
“During the search, 7 bank lockers have been found which have been placed under restraint,” it added.
According to IT division sources, Pannu and Kashyap have been additionally questioned by the IT sleuths in Pune, the place they have been capturing a movie.
Phantom Films was established by Kashyap, director Vikramaditya Motwane, producer Madhu Mantena and the previous head of UTV Spotboy, Vikas Bahl, in 2011 earlier than being dissolved in 2018.
Kashyap, Bahl and Pannu have been vocal on social media platforms and have additionally raised issues over the farmers’ protest, which has been going on on the borders of the nationwide capital since November 26 final 12 months towards the three new farm legal guidelines.