The two companies were found to be indulging in unaccounted cash, bogus cash credits, bogus outstanding sundry creditors, unaccounted gold bullion purchases, and wrongful bad debts

On Wednesday, the Income Tax Department had initiated raids on the homes and offices of Taapsee Pannu and Anurag Kashyap. I-T department has also gone after two of Kashyap's partners with whom he had established the now-closed Phantom Films

The Finance Minister refused to comment on the individual cases saying it is in the nation's interest to find out whether some tax evasion took place

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As per the initial probe, a layer of \"genuine-looking fictitious\" intermediatory companies was created to pass on \"bogus ITC\" from non-existent and fake firms to the Essel Group companies without actual supply of any goods or services.

Wipro makes its largest acquisition of $1.45 billion in Capco; Walmart-owned Flipkart exploring US IPO through SPAC route; India saw highest number of internet shutdowns in the world in 2020. Watch this and more news on News Blast. Also Read | Tax dept's residency circular of not much help to NRIsAlso Watch | I-T dept finds income discrepancy of Rs 650 cr after raids on Taapsee, Anurag

The circular offers relief to only those who may be subject to double taxation, but offers no help to people from countries with whom India does not have a DTAA or impacted by absence of short stay exemption

The Income Tax department has unearthed large amounts of cash and illegal transactions by Taapsee Pannu and Anurag Kashyap after two days of searches. Income Tax officials have claimed that they recovered 'evidence of cash receipts by the leading actress amounting to Rs 5 crore'. The agency also claimed to have found bogus expenditure of Anurag Kashyap with tax implication of about Rs 20 crore. The Pink star recorded a statement on March 3 and later recorded a detailed statement. She is likely to be summoned again by IT officials in the coming days. Watch the video for more details. ALSO WATCH | I-T officials raid Bollywood celebs' residences over alleged tax evasion

The Pink star recorded a statement on March 3 and later recorded a detailed statement. She is likely to be summoned by the IT officials in the coming days

The action was undertaken, the CBDT said, on the basis of intelligence inputs \"about the existence of cash, which is likely to be distributed for election purposes.\"

The Income Tax Department on Wednesday raided premises linked to Bollywood actor Taapsee Pannu, filmmaker Anurag Kashyap and other celebrities over alleged tax evasion. The searches were carried out in over 30 locations in Mumbai and Pune. The opposition governments have criticised the move and termed it an attempt to suppress the voices of those speaking against the Modi government. Watch the video for more.Also Read: Refunds of over Rs 1.98 lakh crore issued in 11 months: I-T Dept

Of this, personal income tax refunds of Rs 70,572 crore have been issued to over 1.92 crore taxpayers, and corporate tax refunds of Rs 1.27 lakh crore have been issued in 2.19 lakh cases

he IT department conducted searches on people related to Phantom Films for tax evasion. Twenty-two locations were raided in Mumbai and Pune, including of talent management agency Kwan

NRIs facing double taxation even after taking into account the relief provided by the relevant Double Taxation Avoidance Agreement will have to fill Form-NR electronically by March 31, 2021

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Earlier today, the I-T Department conducted searches at around 30 locations in Mumbai and Pune, including residential and official premises of Kashyap, Pannu, Madhu Mantena and others.

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Actress Taapsee Pannu, Filmmaker Anurag Kashyap face tax raids: The IT department is conducting searches on people related to Phantom Films over allegations of tax evasion

SC says there is no obligation on a person to deduct tax at source, as the end-user licence agreements in these cases do not create any interest or right in such end-users, which would amount to the use of or right to use any copyright