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650-cr discrepancies found in raids on Pannu, Kashyap

The statement from the CBDT came as raids on the homes and offices of Bollywood actor Taapsee Pannu, director Anurag Kashyap and his partners who launched the now shuttered Phantom Films continued in Mumbai, Pune and Hyderabad for the second day.

Statesman News Service | New Delhi |

The Income Tax Department has detected financial irregularities of over Rs 650 crore after it raided two film production companies, two talent management companies and a leading actress, the Central Board of Direct Taxes claimed on Thursday but did not take any names.

The statement from the CBDT came as raids on the homes and offices of Bollywood actor Taapsee Pannu, director Anurag Kashyap and his partners who launched the now shuttered Phantom Films continued in Mumbai, Pune and Hyderabad for the second day.

The searches also covered some executives of celebrity and talent management companies KWAN and Exceed, officials said.

Official sources identified the entities raided as Pannu and the four former promoters of Phantom Films ~Kashyap, director-producer Vikramaditya Motwane, producer Vikas Bahl and producer-distributor Madhu Mantena. They also identified the celebrity and talent management companies as Kwan and Exceed.

The second film production company that was raided belongs to Kashyap. Evidence of huge suppression of income by the film production house compared to the actual box office collections has been unearthed,” the statement from CBDT, the administrative body of IT Department, claimed.

~With inputs from PTI~