I-T Raids on Taapsee Pannu, Anurag Kashyap: 7 Things to Know

The Income Tax Department continues to raid on two major film production companies, a leading actress, and two Talent Management firms in Mumbai, which began on March 3, 2021.

The company Motion pictures are involved in web series production, as well as acting, directing, and talent management for celebrities and other artists. A total of 28 premises, including homes and offices, are being covered in various locations.

The I-T department searched the offices and homes of Bollywood celebrities in Mumbai and Pune, including Taapsee Pannu, Anurag Kashyap, Madhu Mantena, and film producer Vikas Bahl.

What Income-tax Department discover during the raid?

1. Officials from the firm have been unable to justify a difference of about Rs 300 crore.
2. Evidence of massive income suppression by the leading Film Production house relative to real box office receipts was discovered during the search.
3. The leading actress's cash receipts totalling Rs 5 crore were discovered.
4. There has been a discovery of bogus expenditure to related issues by the leading producers, directors, with a tax implication of around Rs. 20 crore.
5. A large volume of digital data, such as emails, Whatsapp chats, and hard drives, has been confiscated and is being investigated.
6. Evidence of manipulation and undervaluation of production house share transactions among film directors and shareholders, with a tax implication of about Rs. 350 crore, has been discovered and is being investigated further.
7. Also, seven bank lockers were discovered and put under lock and key during the search.

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