I-T raids yield Rs 11-cr assets

The search and raids on the premises of sandalwood actors resulted in the seizure of undisclosed assets valued at Rs 11 crore including cash of 2.85 crore and gold jewellery of 25.30 kg, according to Income Tax department.

“Incriminating evidence found when put across to the persons involved resulted in the admission of unaccounted income of about Rs 109 crore. There are many issues on which evidence has been found but no admission has been made; the detection of concealed income will be a much higher figure,” said a press release from the Income Tax department issued on Sunday. The two-day raids concluded on Saturday.

The searches, according to the officials, covered film production houses, film producers, film financiers and actors. “The searches have been successful in unearthing evidence of suppression of income from film production distribution and exhibition as well as evidence of unaccounted cash expenditure in the film. In particular, evidence of unaccounted theatre collections in cash and consequential evasion of taxes have been found,” the release stated.

This apart, evidence of unaccounted professional receipts by artists, cash investments in properties and jewellery through unaccounted income have been found. “Evidence has also been found of suppression of income from the sale of audio, digital and satellite rights, unaccounted cash receipts from distributors, and of expenses from undisclosed and unaccounted sources,” the officials revealed.

According to the statement, the sleuths belonging to the Karnataka and Goa region conducted discreet enquiry for more than three months before the search and identified the modus operandi besides the key players. The IT officials revealed that the search operation was carried out at 21 premises and surveys at 5 places. As many as 180 officers and officials were mobilised from various places in Karnataka and Goa region for the purpose.

The press release said that some prosecution cases for tax evasion would be launched at the earliest.

The department has also requested the entertainment industry in Karnataka to follow laid accounting standards by recording all transactions in books of accounts and pay due taxes.

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