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IT raids on Anurag Kashyap, Taapsee Pannu: Tax discrepancy of about Rs 300 crore surfaces

During the Income Tax department searches, that were carried out at over 30 locations in Mumbai and Pune, including the premises of noted film director Anurag Kashyap, actor Taapsee Pannu, filmmaker Vikas Bahl, and executives of Kwann Talent management, evidence of huge suppression of income by the leading Film Production house compared to the actual box office collections has been unearthed.

Abhay Parashar Abhay Parashar @abhayparashar
New Delhi Updated on: March 04, 2021 19:57 IST
IT raids were conducted at the premises of Anurag Kashyap,
Image Source : FILE PHOTO, INDIA TV

IT raids were conducted at the premises of Anurag Kashyap, Taapsee Pannu, others in Mumbai, Pune, other locations.

The Income Tax Department had carried out searches at over 30 locations in Mumbai and Pune, including the premises of noted film director Anurag Kashyap, actor Taapsee Pannu, filmmaker Vikas Bahl, and executives of Kwann Talent management, on Wednesday.

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 the discrepancy of around Rs 300 crore, informed Surabhi Ahluwalia, spokesperson, Commissioner of Income Tax (Media & Technical Policy), CBDT.

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.

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.

Also, evidence of cash receipts by the leading actress amounting to Rs 5 crore has been recovered. Further probe is underway.

ALSO READIncome Tax raid at Taapsee Pannu, Anurag Kashyap's residence

Apart from this, non-genuine/bogus expenditure to related concerns by the leading producers/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.

At the office premises of the two talent management companies, a 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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