The Income Tax department on Saturday said it seized Rs 26 crore in cash and detected an “undisclosed” income of more than Rs 200 crore after conducting raids on some film producers, distributors, and financiers in Tamil Nadu on August 2. In a statement, the Central Board of Direct Taxes (CBDT) said the department searched about 40 premises of the entities, which have not been identified, in Chennai, Madurai, Coimbatore, and Vellore.
The department claimed that it seized Rs 26 crore “undisclosed” cash and gold jewelry of more than Rs 3 crore during the searches. The search operation has resulted in the detection of undisclosed income of more than Rs 200 crore so far, the CBDT said.
The CBDT further said the department seized a number of documents, and digital devices relating to “unaccounted” cash transactions and investments even as “secret and hidden” premises have been unearthed.
In the case of film production houses, tax evasion has been found as the actual amounts realized from the release of the films are much more than the amounts shown in the regular books of account. “The unaccounted income so generated by them is deployed for undisclosed investments as well as for various undisclosed payments,” the CBDT, which is the administrative authority for the IT department, said.
In the case of film distributors, seized documents indicate the collection of “unaccounted cash” from theatres, the statement said. “As per the evidence, the distributors have formed syndicates and have systematically suppressed the theatre collections, resulting in the suppression of actual income,” it alleged.
(with inputs from PTI)
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