BENGALURU: The Directorate of Income Tax (Investigation) (DGIT), Karnataka & Goa on Thursday cracked the whip on two Bengaluru based entertainment giants and conducted massive search and seizure operations at multiple locations of DNA Entertainment Networks Private Limited in Bengaluru and other metros and offices of Innovative Multiplex Studios in the City for alleged income tax related offences like undisclosed income and tax evasion.
According to official sources the search and seizure operations under Section 132 of the Income Tax Act on DNA Entertainment Networks are being conducted at Bengaluru, Hyderabad, Chennai, Kolkata, Delhi and Kolar. The I-T officials simultaneously raided the locations of Innovative Studios at three locations in the City. They refused to divulge further information on any seizures.
DNA Entertainment Networks is a well known international event management firm with its headquarters in Bengaluru. It is responsible for hosting top international rock singers and concerts in the City and has also partnered in international sporting events like the Indian Premier League (IPL) and Pro Kabbadi.
The founder and CEO of DNA Venkat Vardhan is the grandson of the second chief minister of Karnataka (then Mysore State) late Kengal Hanumanthaiah. Chairman and Managing Director of Innovative Group Sarvanna Prasad is a pioneer in bringing multiplex theatres in Karnataka in 2004.
