Found discrepancy in income worth Rs 650 cr: I-T dept

The income tax department said on Thursday that it found discrepancy and manipulation of income during the searches at various places linked to actor Tapsee Pannu, filmmaker Anurag Kashyap and his partners who launched the now shuttered production house Phantom Films. There was also huge suppression of income compared to the actual box office collections, the IT department further said. The officials said that the production house staff was not able to explain discrepancy of around Rs300 crore.

The officials also said that they found evidence related to manipulation and under-valuation of share transactions of Phantom Films amongst the film directors and shareholders, having tax implication of about Rs 350 crore. Evidence of cash receipts by the leading actress amounting to Rs 5 crore has also been recovered, they further said.The searches, part of a tax evasion probe against Phantom Films, were carried out across 30 locations in Mumbai and Pune on Wednesday. Properties linked with Reliance Entertainment group CEO Shibhasish Sarkar and some executives of celebrity and talent management companies KWAN and Exceed were also raided.