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Income Tax raids on Asian Cinema!

Income Tax raids on Asian Cinema!

It seems to be the season for Income Tax department to conduct raids and searches on all the high-profile people and their offices whom they suspect to have involved in the tax evasion over a period of time.

According to the latest information, the Income Tax department sleuths on Tuesday conducted raids and searches on the offices of popular film production and distribution company Asian Cinema in Hyderabad and other parts of the country.

Sources said the IT department officials are conducting and searches on the residences and offices of Asian Cinema promoters Narayana Das and Sunil Narang, besides those of their friends and relatives, who they suspect to have been involved in unaccounted monetary transactions.

Further details of the IT raids are awaited.

Asian Cinema has a chain of theatres and multiplexes across Hyderabad, Telangana and Andhra Pradesh.

It has built the biggest multiplex mall – AMB Mall in association with popular hero Mahesh Babu at Kothaguda in Hyderabad. It is planning to construct another multiplex in association with another top hero Allu Arjun.

At present, Asian Cinema is producing a film being directed by Sekhar Kammula with Naga Chaitanya as the hero.

The firm is also into large scale distribution of big films in Nizam area, besides running several theatres.

It may be mentioned that Income Tax department authorities have conducted a series of raids on Megha Engineering and Infrastructure Limited (MEIL) for four to five consecutive days and reportedly discovered several irregular tax dealings.

Besides, the IT authorities also raided the ashram and offices of Kalki Bhagan in Chittoor district and unearthed huge unaccounted cash and also illegal properties.

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