The income-tax division has detected “undisclosed” earnings of greater than Rs 200 crore after it just lately raided some movie producers, distributors and financiers in Tamil Nadu, the CBDT stated on Saturday.
The searches had been launched on August 2 and about 40 premises of the entities, which haven’t been recognized, had been coated in Chennai, Madurai, Coimbatore and Vellore.
The division claimed to have seized Rs 26 crore “undisclosed” money and gold jewelry of greater than Rs 3 crore in the course of the raids.
To this point, the search operation has resulted within the detection of undisclosed earnings of greater than Rs 200 crore, the Central Board of Direct Taxes (CBDT) stated in an announcement.
It stated that the division seized numerous paperwork, digital units referring to “unaccounted” money transactions and investments whilst “secret and hidden” premises have been unearthed.
Within the case of movie manufacturing homes, tax evasion has been discovered because the precise quantities realised from the discharge of the movies are far more than the quantities proven within the common books of account, it stated.
“The unaccounted earnings so generated by them is deployed for undisclosed investments in addition to for varied undisclosed funds,” the CBDT stated.
The Board is the executive authority for the division.
Within the case of movie distributors, the assertion stated, seized paperwork point out the gathering of “unaccounted money” from theatres.
“As per the proof, the distributors have fashioned syndicates and have systematically suppressed the theatre collections, ensuing within the suppression of precise earnings,” it alleged.
To this point, the search operation has resulted within the detection of undisclosed earnings of greater than Rs 200 crore, the CBDT stated.