The Profits Tax division searched a total of 37 premises of two trendy retail chains in the four cities on December 1.
The IT team furthermore seized Rs 10 Crore in money and jewellery/ bullion price about Rs 6 crore. (Image for Illustration)
The Profits Tax division on Tuesday unearthed evidence of suppression of gross sales price Rs 1000 crores, as smartly chanced on several crores of unaccounted money purchases, following searches on the Saravana Astronomical Stores and Saravana Selvarathnam groups engaged in the retail gross sales of jewelry, textiles and residential dwelling equipment thru their chain of retail outlets in Chennai, Coimbatore, Madurai, and Tirunelveli.
The Profits Tax division searched a total of 37 premises in the four cities on December 1. In an announcement, the I-T division mentioned that someday of the search of one amongst the groups, it became chanced on that the assessee had been actively desirous about systematically suppressing gross sales by manipulating their books of accounts.
The extent of suppression of gross sales became chanced on to be better than Rs 1000 crore, over a period of several years. It became furthermore chanced on that the neighborhood made unaccounted money purchases of about Rs 150 crore in the textile division and jewellery division, someday of the previous few years.
ALSO READ: I-T Dept raids two Delhi-NCR genuine estate groups, detects Rs 400 crore dim earnings
In an analogous style, someday of the searches implemented on the 2d neighborhood, incriminating field subject seized has printed that the assessee neighborhood had obtained bogus payments from a build of parties to the tune of Rs 80 crore and thereby suppressed taxable earnings.
Proof touching on to the unaccounted purchases of gold has furthermore been gathered. Besides, the assessee neighborhood became chanced on to be debiting inflated manufacturing charges of jewelry. Besides to, unaccounted condo receipts and unaccounted scrap gross sales aggregating to Rs 7 crore agree with furthermore been detected.
The I-T team furthermore seized Rs 10 crore in money and jewellery/ bullion price about Rs 6 crore.
ALSO READ: I-T dept conducts search operations on genuine estate neighborhood in Mumbai, Navi Mumbai; seizes Rs 100 cr in money
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