IT raids at popular retail chains reveal Rs 1,000 cr sales suppression

The recent raids conducted by the Income-Tax department at the premises of Saravana Stores jewellery and textile retail chain, has revaled suppression of sales to the tune of more than Rs 1,000 crore over a period of years.

The raids in the two groups of Saravana chain of stores led to the seizure of Rs 10 crore cash and Rs six crore jewellery and bullion.

A statement issued by the Income-Tax department today said the raids were conducted in 37 premises in respect of two groups engaged in retail sales of jewellery, textiles and home appliances through their
popular chain of stores in Chennai, Coimbatore, Madurai and Tirunelveli on December one.

In the case of the first group, seized documents and other incriminating materials seized have revealed that the assessee had been actively involved in systematically suppressing sales by manipulating their books
of accounts.

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