I-T dept unearths suppression of sales worth Rs 1000 crore by 2 popular retail chains in Tamil Nadu

The Income Tax department searched a total of 37 premises of two popular retail chains in the four cities on December 1.

The Income Tax department on Tuesday unearthed evidence of suppression of sales worth Rs 1000 crores, as well found several crores of unaccounted cash purchases, following searches on the Saravana Super Stores and Saravana Selvarathnam groups engaged in the retail sales of jewellery, textiles and home appliances through their chain of stores in Chennai, Coimbatore, Madurai, and Tirunelveli.

The Income Tax department searched a total of 37 premises in the four cities on December 1. In a statement, the I-T department said that during the search of one of the groups, it was found that the assessee had been actively involved in systematically suppressing sales by manipulating their books of accounts.