Over Rs 650 crore discrepancy: Officials on Kashyap, Tapsee raids

TIL Desk/National/Mumbai/ The Income Tax Department has detected financial irregularities of over Rs 650 crore after it raided two film production companies, two talent management companies and a leading actress, the Central Board of Direct Taxes claimed on Thursday but did not take any names.

The statement from the CBDT came as raids on the homes and offices of Bollywood actor Taapsee Pannu, director Anurag Kashyap and his partners who launched the now shuttered Phantom Films continued in Mumbai, Pune and Hyderabad for the second day. The searches also covered some executives of celebrity and talent management companies KWAN and Exceed, officials said.

A day later, without naming the people or companies searched, the CBDT said the entities searched were mainly engaged in the business of production of motion pictures, web series, acting, direction and talent management of celebrities and other artists.

Official sources identified the entities raided as Pannu and the four former promoters of Phantom Films — Kashyap, director-producer Vikramaditya Motwane, producer Vikas Bahl and producer-distributor Madhu Mantena. They also identified the celebrity and talent management companies as Kwan and Exceed. The second film production company that was raided belongs to Kashyap, the sources said.