Leading Retail Chain from Tamil Nadu Suppressed Sales of Rs1,000 Crore: I-T Dept
IANS 07 December 2021
The income-tax (I-T) department on Tuesday said that a leading retail chain group that has branches across Tamil Nadu has suppressed sales worth Rs1,000 crore over the past few years.
The I-T department had conducted searches across the group in 37 locations at Chennai, Coimbatore, Madurai, and Tirunelveli on 1st December.
In a statement, it said that the popular group in Tamil Nadu that deals with jewellery, textiles, and home appliances was searched, and an amount of Rs10 crore in cash was seized. The raids also led to the seizure of jewellery, and bullion worth Rs6 crores that were unaccounted for.
The assessee has been systematically suppressing sale details by manipulating their book of accounts over the past several years, it said, and according to department sources, the suppression of sales was more than Rs1,000 crores.
The I-T Department also said that the group had made unaccounted purchases worth Rs150 crore in textile and jewellery during the past few years.
Incriminating materials were seized during the raids and the assessee group was found to have obtained bogus bills worth several crores of rupees and had suppressed taxable income. This action of the group, according to the I-T department, has brought huge losses to the government's coffers.
Unaccounted scrap sales worth Rs7 crore were also detected during the raids, the department said in the statement. The raids also revealed that there were unaccounted purchases of gold and the group, according to the I-T department, had made inflated rates for the manufacture of jewellery.
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6 months ago
Why are you not mentioning the name of the company? Who are you afraid of?
Replied to vsrikan comment 6 months ago
We expect Saravana Stores to come out and say, "I am the Big Bull: :)
Replied to nkart99 comment 6 months ago
suppressed naming of chain uncovered by IT means media mughal has earned good Income without tax
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