Question : Assessment of Revenue Intelligence Agencies

Will the Minister of Finance be pleased to state:
a) whether as per the assessment of revenue intelligence agencies, unaccounted/ black money are flowing into Entertainment Industries including cinema production and distribution, Television and IPL cricket;
b) if so, the details thereof;
c) the details of television, cinema production and distribution companies found involved in investment of unaccounted money;
d) the action taken against the erring companies having nexus with such organizations, company-wise; and
e) whether the Government proposes to bring out any new legislation with relevant provisions to regulate cinema and television industries as well as IPL cricket and if so, the details thereof?

ANSWER
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI SHIV PRATAP SHUKLA)

(a) to (e) : No case in which unaccounted/Black money has been found to flow into entertainment industries including cinema production and distribution, Television and IPL Cricket, has been booked by the Revenue Intelligence Agencies under Central Board of Indirect Taxes and Customs (CBIC).
However, Investigation into matters regarding tax evasion and unaccounted/black money is an ongoing process and whenever any such instance comes to the notice of the Income Tax Department, it takes appropriate action including conducting searches & surveys, assessment of income, levy & recovery of tax, imposition of penalty and launching of prosecution as per the provision of the Income Tax Act, 1961 against such tax evader(s), including companies, which may be engaged in diversified activities, across various sectors, including entertainment industries like cinema production & distribution, Television and IPL cricket. Sector-wise details are not separately maintained. Further, disclosure of information in respect of specific assesses is prohibited except as provided under section 138 of the Income Tax Act, 1961.
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