Tamil Nadu retail chain hid Rs 1000 cr worth sales, finds Income Tax department in raids

According to reports, it was the Saravana Stores group that was searched by the IT department. 37 premises linked to the group were covered in these searches.

Chennai: The Income Tax officials have unearthed suppression of sales to the tune of Rs 1000 crore and unaccounted cash purchases of nearly Rs 150 crore from search and seizure operations in Tamil Nadu.

Two groups belonging to a popular retail chain that sells jewellery, textiles and home appliances were the ones searched in the first week of December.

According to reports, it was the Saravana Stores group that was searched by the IT department. 37 premises linked to the group were covered in these searches.