The ongoing IT raids in Tollywood have sent shockwaves through the industry.
During a raid at one company, an Excel sheet was allegedly found on someone's phone, containing records of transactions from 2020 to the present, or specifically from the 2020-21 period.
The sheet reportedly includes the names of several prominent companies in the industry.
It appears that these transactions involved a large-scale exchange of money, possibly indicating "white money for black" or vice versa.
The total value of these transactions is said to exceed Rs 80 crore. This raises two major concerns.
First, the company in question will need to justify these transactions and provide clear explanations.
Second, the Income Tax Department is now likely to investigate all production companies linked to these transactions, reviewing their accounts and potentially issuing notices.
One of the companies under scrutiny is a well-known Tollywood film producer, who is known for making films at brisk pace.
As a result, several film producers are now anxiously trying to understand the implications of this situation.
