Manipulation in income having tax effect of Rs. 350 crore found during search on leading film actress/producer: CBDT

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Manipulation in income having tax effect of Rs. 350 crore found during search on leading film actress/producer: CBDT

Press Release, dated 04-03-2021

The Income-tax Department has carried out search and survey operations on 03-03-2021 on two leading film production companies, a leading actress and two Talent Management companies in Mumbai.

Evidence of huge suppression of income as compared to the actual box office collections has been unearthed during search.

The company officials have not been able to explain the discrepancy of around Rs. 300 crore.

 Further, evidence related to manipulation and under-valuation of share transactions of the production house having tax implication of about Rs. 350 crore has been found

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