‘After B’wood raids, ₹650cr discrepancy found in accounts’

The Income Tax Department continued its search and survey operation against film-maker Anurag Kashyap, actress Tapsee Pannu, production house Phantom Films, and two talent management companies even as Congress leader Rahul Gandhi said the department was targeting those who spoke up for farmers — a reference to the three-month long farm protest that is still ongoing.

Without taking any names, but referring to the now dissolved Phantom, Kashyap’s production house, Surabhi Ahluwalia, Commissioner of Income Tax and official spokesperson for the Central Board of Direct Taxes (CBDT), said in a statement that “company officials have not been able to explain discrepancy of around ₹300 crore. Also, evidence related to manipulation and undervaluation of share transactions of the production house among the film directors and shareholders, having tax implication of about ₹350 crore has been found...”

The statement added that evidence of cash receipts by the actress amounting to ₹5crore has also been recovered. It also said “non-genuine/bogus exp-enditure to related concerns by the leading producer/director having tax implication of about ₹20 crore has been detected. Similar findings have been made in the case of the leading actress also.”

The raids began on Wednesday at several locations in Mumbai and Pune. Kashyap and Pannu were also questioned. On Wednesday, state minister Nawab Malik said the raids were an attempt to muzzle those who speak out against the Narendra Modi government.

“At the office premises of the two talent management companies , huge amount of digital data has been seized in the form of emails, WhatsApp chats, hard disk etc. All these are being scrutinised as investigation continues,” the statement said. The two talent management firms are Kwan and Exceed.