Three days after conducting searches at Balaji Telefilms' facilities and also at the houses of its promoters here, the Income Tax department today said the film production house had not disclosed Rs 30 crore income it had earned, and thus evaded tax.
"After investigation, we found that Balaji Telefilms did not disclose Rs 30 crore income. By not disclosing the amount, it has evaded tax," a senior Income Tax officer told PTI. "Now, the production house has agreed to pay tax and penalty on the Rs 30 crore income. We will receive 30 percent tax on this amount and also the penalty," the officer said.
The officer further said that when Ekta Kapoor, the joint managing director of the company, was asked about tax evasion, she claimed that she is only involved in the making of films and television serials. "Hence, persons involved in the financial matters of the production house have been grilled," he added.
During the search operation on April 30, a team of over 100 officials from the department swooped down on seven locations across the city, including that of producer Ekta Kapoor and her actor-father Jeetendra's residence in suburban Juhu. Balaji Telefilms' office and studio were among the seven premises where searches were conducted, I-T sources said.
The personal offices of Ekta Kapoor, who made it big with television soaps before venturing into films, and her actor-brother Tushar Kapoor in suburban Bandra were also searched, they said. A top official of the production house refused to comment on the development. Meanwhile, 'Shootout at Wadala', produced by Balaji Telefilms, hit cinema screens across the country today.
Balaji Telefilm stock price
On November 27, 2015, Balaji Telefilms closed at Rs 142.30, up Rs 4.00, or 2.89 percent. The 52-week high of the share was Rs 150.40 and the 52-week low was Rs 62.60.
The company's trailing 12-month (TTM) EPS was at Rs 4.22 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 33.72. The latest book value of the company is Rs 65.94 per share. At current value, the price-to-book value of the company is 2.16.
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