The Income Tax raid Kannada film industry producers and actors in the previous three days has led to the seizure of undisclosed assets valued at 11 crore rupees including cash of 2.85 crore rupees and Gold Jewellery of 25.3 kgs.
The tax agency has totally unearthed incriminating evidences pointing at unaccounted income of about 109 Crore rupees. The press release issued by the Income Tax department says that a few other evidences have also been found for which the clarification is being sought from parties raided and hence the detection of concealed income will be much higher.
The Investigation Wing of the Income Tax department has also stated that the prosecution cases for tax evasion will be launched at a very early date.
As per information received, the searches have been successful in unearthing evidences of suppression of income from film production distribution, exhibition as well as unaccounted cash expenditure in film and theatre collections in cash.
Evidence of unaccounted professional receipts by Artists, Cash investments in properties and jewellery through unaccounted income has also been found. The suppression of income from sale of audio, digital and satellite rights, cash receipts from distributors are also unearthed.
The tax authority has said that it will share information on diversion of cash collected by theatres with other revenue and enforcement agencies. Sudhindra AIR News Bengaluru.