Anurag Kashyap, Taapsee Pannu Income Tax raids: Discrepancy worth Rs 3500000000 uncovered

New Delhi: The raids conducted by the Income Tax Department in relation to a tax evasion probe on the properties of filmmaker Anurag Kashyap and actress Taapsee Pannu and director-producer Vikas Bahl on Wednesday (March 3) revealed a discrepancy of around Rs 350 crore. 

As per initial reports, the company officials failed to explain this discrepancy. 

The Income Tax department in an statement on Thursday said: “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.” 

The tax evasion probe was initiated against the now shut production house Phantom Films. 

“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 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/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,” the statement read. 

Also, all available digital data like emails, WhatsApp chats, hard disks etc have been seized and around seven lockers have been put under restraint and the search is still ongoing at the premises.

The I-T raid was also conducted at properties linked to Madhu Mantena’s KWAN Talent Management Agency in Mumbai. Around 28 premises including residences and offices are being searched. Two leading film production companies, a leading actress and two Talent Management companies in Mumbai are under scanner.