Chennai:
The Income Tax Department today said a popular store chain in Tamil Nadu has underreported sales of over Rs 1,000 crore to evade tax.
The management of Super Saravana stores did this by “manipulating their books of accounts”, the tax department said in a statement. On 1 December, 37 locations of the company were raided.
It said, “The documents and other incriminating material collected during the search revealed that, the assessee was actively involved in systematic suppression of sales by manipulating his books of accounts.”
The company has used unaccounted cash to buy the garments division and jewelery division over the years.
“During the raids, it was also found variously that the assessee had made unaccounted cash purchases of about Rs 150 crore in the Textiles Division and Jewelery Division during the last few years,” the statement said.
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