IT department unearths undisclosed income exceeding ₹200 crore in searches across TN

BL Chennai Bureau | Updated on: Aug 06, 2022

Several incriminating documents and digital evidence relating to unaccounted cash transactions and investments were seized 

The Income Tax department has detected an undisclosed income exceeding ₹200 crore in various searches across Tamil Nadu. It seized undisclosed cash of ₹26 crore and unaccounted gold jewellery exceeding ₹3 crore on August 2 searches from certain producers, distributors and financiers associated with the film industry at 40 locations in Chennai, Madurai, Coimbatore and Vellore.

Several incriminating documents and digital evidence relating to unaccounted cash transactions and investments were seized during which secret and hidden premises were also unearthed, a department press release said.

The searches in the case of film financiers had revealed documents like promissory notes relating to unaccounted cash loans advanced to various production houses and others. On production houses, evidences reveal tax evasion on the books of account of film releases . The unaccounted income were deployed as investments and through various payments.

Similarly, the evidence seized in the cases of film distributors indicate collection of unaccounted cash from the theatres. The distributors have formed syndicates and have systematically suppressed the theatre collections, resulting in the non-disclosure of actual income.

Further investigation is in progress, the release said.

Published on August 06, 2022
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