The CBDT said the group engaged in the business of chit fund was running an unauthorised business and all the investments and payouts of more than Rs 400 crore in the last few years were done entirely in cash.
Bollywood actor Sonu Sood reacted after Income Tax Department accused him of financial irregularities worth over Rs 250 crore.
Searches have also established that individuals, as well as shell entities, were used by the group to launder huge funds amounting to more than Rs 40 crore, showing them as loans obtained by media companies.
The searches, so far, have resulted in the detection of undisclosed income of more than Rs. 1000 crore. Unaccounted cash of Rs. 1.2 crore has been seized so far.
The Income Tax department carried out the searches at 28 locations in Delhi, Hyderabad, Mumbai and Pune on premises linked to Phantom Films, Anurag Kashyap, Taapsee Pannu, Vikas Bahl, Madhu Mantena and some executives of talent management company KWAN and also another talent management company.
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.
Amid these Income Tax raids, Taapsee Pannu and Anurag Kashyap have found support in actress Swara Bhasker and filmmaker Anubhav Sinha.
The Income Tax department's raid continued overnight at properties linked to Bollywood actor Taapsee Pannu and filmmaker Anurag Kashyap in Mumbai and Pune. The I-T sleuths raided the homes and offices of Pannu, Kashyap as well as his partners who launched the now-shuttered production house Phantom Films, according to officials privy to the development said.
The Income Tax Department on Wednesday raided the homes and offices of Bollywood actor Taapsee Pannu and filmmaker Anurag Kashyap as well as his partners who launched the now-shuttered production house Phantom Films, officials said. The searches, part of a tax evasion probe against Phantom Films and carried out across 30 locations in Mumbai and Pune, also covered Reliance Entertainment group CEO Shibhasish Sarkar and some executives of celebrity and talent management companies KWAN and Exceed, they said.
The residence of Bollywood filmmakers Anurag Kashyap, Vikas Bahl, actress Taapsee Pannu and others have been raided by the Income Tax department in Mumbai. According to the IT Department, the raised were conducted in the case of tax evasion. The office of Phantom Films and other 22 places have also been raided.
The IT department also conducted a raid at KWAN's office. The company was also under scanner during the drugs investigation last year after Sushant Singh Rajput's death when the NCB conducted a raid on the company. Kashyap, Bahl and Pannu have been vocal on the social media platforms and have also raised their concern over the farmers' protest, which have been going at the borders of the national capital since November 26 last year against the three farm laws.
The residence of Bollywood filmmakers Anurag Kashyap, Vikas Bahl, actress Taapsee Pannu and others have been raided by the Income Tax department in Mumbai. According to the IT Department, the raised were conducted in the case of tax evasion. The office of Phantom Films and other 22 places have also been raided.
Arhtiyas also known as commission agents have closed grain markets across states for 4 days against Income Tax raids on them and also in support of the farmers' protest.
Undisclosed income of over Rs 500 crore has been uneathed by the Income Tax department during multiple raids at the premises of a leading bullion trading firm in Chennai, the CBDT said on Thursday.
The Income Tax department on Thursday unearthed alleged bogus investments of around Rs 150 crore while it conducted searches on the premises of one prominent coal trading company in West Bengal.
At least Rs 62 crore in cash were seized by the Income Tax Department as as part of its multi-city tax evasion operation against hawala or entry operators and individuals who prepare fake bills in Delhi.
"They served notice after money was recovered from a vehicle outside the compound. No money recovered within the compound," said Congress Bihar in-charge Shaktisinh Gohil.
The Congress has launched an attack on the Union Government over Income Tax raids in Chhattisgarh for the past 4 days and termed it as "Coercive & Insecure Centrism".
Having gold at home? Do you know how much you can keep without fearing Income Tax department? CBDT has clarified the prescribed quantity of gold considered allowable.
The raids at the residence of Congress' KB Koliwad come in the run-up to assembly bypolls in 15 segments in Karnataka following the disqualification of the MLAs from Congress and the JD(S) which led to the toppling of the coalition government and installation of the BJP government led by Chief Minister B S Yediyurappa.
Top News
Latest News
