Balaji Telefilms evaded Rs 30 crore in taxes, says I-T
The Income Tax (I-T) authorities have found Rs 30 crore worth undisclosed income during searches on Balaji Telefilms, its sister concern Balaji Motion Pictures, Ekta Kapoor, her father Jeetendra, mother Shobha and brother Tusshar.entertainment Updated: May 03, 2013 23:40 IST
The Income Tax (I-T) authorities have found Rs 30 crore worth undisclosed income during searches on Balaji Telefilms, its sister concern Balaji Motion Pictures, Ekta Kapoor, her father Jeetendra, mother Shobha and brother Tusshar.
The searches that started on Tuesday went on till Thursday.
Officials said that the income was kept undisclosed using bogus bills that showed inflated expenditure. Authorities also found inflated production expenditure to conceal actual income.
I-T authorities further found irregularities in purchase of properties by Balaji Telefilms. "Costs of properties purchased by the company were inflated to show excess expenditure in account books," an I-T official said requesting anonymity. Inflating expenditure in account books help in reducing profit that further help in evading tax.
Officials said they would now send report to the assessment wing of the department that would finalise the tax liability and would also levy penalty for tax evasion. "They would have to pay tax on concealed income at the rate of 30% besides the penalty," the official said.
The I-T authorities also recorded detailed statement of Ekta's mother Shobha, as she handles the financial part of Balaji. "Ekta handles the production part and for us those handling the financial part were more important," the official said.
About the Rs20 crore worth jewellery that was found at the Kapoor family's Juhu bungalow, officials said that they are yet to cross check the claim of the family with documents, that the same is declared and accounted for. "As the search operation is over, we would verify this claim now, but preliminary investigation shows that the jewellery is declared and accounted for," the official said.
The department had also sealed four bank lockers during the search operation.
When contacted Tusshar Kapoor said, "We are not allowed to talk. It's all sorted. Speak to I-T department."