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This is an archive article published on August 6, 2022
I-T dept searches properties of Tamil Nadu film producers, distributors, unearth cash, valuables worth crores
The search operations were conducted at almost 40 premises in Chennai, Madurai, Coimbatore and Vellore and till now, the I-T sleuths have unearthed Rs 20 crore in cash and detected undisclosed income exceeding Rs 200 crore.
The statement said documents such as promissory notes related to unaccounted cash loans were seized from film financiers. (File photo)
A statement issued by the Income Tax (I-T) department Saturday said the three-day-long searches carried at premises owned by producers, distributors and financiers associated with the Tamil film industry unearthed unaccounted cash, valuables and investments worth several crores.
The search operations were conducted at almost 40 premises in Chennai, Madurai, Coimbatore and Vellore and till now, the I-T sleuths have unearthed Rs 20 crore in cash and detected undisclosed income exceeding Rs 200 crore along with gold jewellery worth over Rs 3 crore.
A statement issued by the I-T department said, “During the course of the search operations, several incriminating documents and digital evidence etc, related to unaccounted cash transactions and investments have been seized. Secret and hidden premises have also been unearthed during the search.” The I-T department, however, did not disclose the names of the people who were searched.
The statement added that searches at the properties of film financiers have revealed documents like promissory notes etc, related to unaccounted cash loans which were given as advanced to various film production houses and others.
“In the cases of film production houses, the evidence reveals tax evasion, as the actual amounts realised from the release of the films are much more than the amounts shown in the regular books of account. The unaccounted income so generated by them is deployed for undisclosed investments as well as for undisclosed payments,” the statement added.
“Similarly, evidence seized in the cases of film distributors indicates unaccounted cash from the theatres. As per the evidence, the distributors have formed syndicates and have systematically suppressed the theatre collections, resulting in the suppression of actual income…Further investigations are in progress,” the statement said.
The statement also noted that documents such as promissory notes related to unaccounted cash loans were seized from film financiers. “Evidence seized from film distributors indicates unaccounted cash from theatres… So far, the operation has resulted in detection of undisclosed income exceeding Rs 200 crore, undisclosed cash of Rs 26 crore, and unaccounted gold jewellery exceeding Rs 3 crore.”
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