Chennai: The Income Tax department on Tuesday in its press release said that the department has found Rs.1000 crore worth of mismanagement made by Saravana stores, the popular retail store in Tamil Nadu.
The IT dept has conducted search operations on the premises of Super Saravana Stores at 37 locations across the state. The search ops were carried out in Chennai, Coimbatore, Madurai and Tirunelveli.
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According to the release, "The extent of suppression of sales is found to be more than Rs.1000 crore, over a period of several years. It was also found that the assessee has made unaccounted cash purchases of about Rs.150 crore in the textile division and jewellery division, during the past few years."
The search on two groups led to the seizure of cash of Rs.10 Crore and jewellery worth Rs6 Crore. The department said that further investigations are in progress.
The sudden IT raid was held on Wednesday, December 1, and included around 100 income tax officers.
At all locations, security was beefed up during the procedure and customers were not allowed inside for the time. Employees in the store were reportedly asked to wait outside.
The textile company, Super Saravana Stores, was established by Selvarathinam in 1969 and later expanded across Tamil Nadu.
