Kerala: IT raid on Parava Films reveals Rs 60 crore tax evasion, actor-producer Soubin Shahir to be summoned
Income Tax raid on Parava Films uncovers Rs 60 crore tax evasion, with actor-producer Soubin Shahir to be summoned for clarification on unpaid income tax and suspected fraudulent expenses.
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FollowKochi: A preliminary investigation into the Income Tax raid on Parava Films has uncovered significant tax evasion, amounting to Rs 60 crore. This discovery came during an inquiry into the income generated by the movie 'Manjummel Boys'. As part of the investigation, actor-producer Soubin Shahir is expected to be summoned for clarification on the matter. However, the Income Tax Department has stated that the investigation is still ongoing.
The film reportedly earned over Rs 148 crore in revenue, but Rs 44 crore in due income tax remains unpaid. The department has also flagged an expense of Rs 32 crore as fraudulent, suspecting that these figures were inflated. Additionally, it was found that no income tax returns had been filed. Soubin Shahir has clarified that his assistant, Shawn, was responsible for managing the financial matters.
In connection with the film's distribution, the Dream Big distribution company was also raided. According to sources from the Income Tax Department, Parava Films did not provide accurate income details during the inspection. The department is now focusing on investigating the source of the funds involved, particularly suspecting that a private financial institution in Kerala may have provided funding to both production companies and unauthorized financial transactions was likely involved.
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