I-T searches on premises of Tamil film producers, financiers: Rs 200crore tax evasion detected

CHENNAI: After searching the properties of various Tamil film producers, distributors and financiers in Chennai and other districts for four consecutive days, the I-T department on Saturday declared that it has detected undisclosed income exceeding Rs 200 crore, apart from seizing Rs 26 crore in cash and gold jewellery worth more than Rs 3 crore.
"The searches in financiers have led to the seizure of promissory notes and other documents on unaccounted cash loans to various film production houses and others. In film production houses, seizures
reveal tax evasion as the actual amounts realized from the release of films are much more than the amounts shown in the regular books of account," said a note from Central Board of Direct Taxes.
"The unaccounted income so generated by them is deployed for undisclosed investments as well as for various undisclosed payments," said sources in the department.
Similarly, seizures from film distributors reportedly indicate collection of unaccounted cash from the theatres. "The distributors have formed syndicates and have systematically suppressed the theatre collections, resulting in the suppression of actual income," said the
note.
The income tax department had carried out searches on almost 40 premises in Chennai, Madurai, Coimbatore and Vellore since August 2. The offices and residences of financier cum producer Anbuchezhiyan, producers Dhanu, S R Prabhu, Gnanavelraja were brought under the control of the income tax officials for searches.
Sources said that I-T sleuths had also unearthed secret and hidden premises of those who were being searched.
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