MUMBAI: Tuesday morning more than 100 income tax sleuths conducted a raid at the properties of Bollywood filmmaker Ekta Kapoor. The Department concluded that Ekta owes Rs 30 crores in taxes, say reports.
The Income Tax officials suspected that the television soaps producer and the joint Managing/Creative Director of Balaji Telefilms has been avoiding her tax payments.
“We received information about inflated expenditure and some cash dealings following which the searches began. We are going through the documents and account details to verify the evasion and its quantum,” shared an Income Tax official under the condition of anonymity.
Sources shared that Ekta Kapoor was being investigated for misreporting the income and profits of her production house – Balaji Telefilms.
“Taxes were evaded by augmenting cost during the production stage of the various projects undertaken by the company in the last six years. Also a property bought and sold by company wasn’t according to the existing realty rate and the land development costs were inflated to show lesser profits”, shared the source further.
The reports also have suggested that Ekta Kapoor was not involved in the financial management of the company and also suggest that Ekta has agreed to pay the massive amount.
Meanwhile, Shootout At Wadala’ produced under her banner has hit screens today, May 3.