'Undisclosed income of over Rs 200 crore' detected in IT raids on TN film producers, financiers: CBDT
The income-tax department has detected "undisclosed" income of more than Rs 200 crore after it recently raided some film producers, distributors and financiers in Tamil Nadu, the CBDT said on Saturday.
The searches were launched on August 2 and about 40 premises of the entities, which have not been identified, were covered in Chennai, Madurai, Coimbatore and Vellore.
The department claimed to have seized Rs 26 crore "undisclosed" cash and gold jewellery of more than Rs 3 crore during the raids.
So far, the search operation has resulted in the detection of undisclosed income of more than Rs 200 crore, the Central Board of Direct Taxes (CBDT) said in a statement.
It said that the department seized a number of documents, 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 realised from the release of the films are much more than the amounts shown in the regular books of account, it said.
"The unaccounted income so generated by them is deployed for undisclosed investments as well as for various undisclosed payments," the CBDT said.
The Board is the administrative authority for the department.
In the case of film distributors, the statement said, seized documents indicate the collection of "unaccounted cash" from theatres.
"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.
So far, the search operation has resulted in the detection of undisclosed income of more than Rs 200 crore, the CBDT said.