A popular store chain in Tamil Nadu underreported sales worth more than 1,000 crore in order to evade tax, the Income Tax department said today.
The management of Super Saravana Stores did so by "manipulating their books of accounts," the tax department said in a statement. Raids were conducted on 37 locations of the firm on December 1, it said.
"Seized documents and other incriminating materials gathered during the course of the search have revealed, that, the assessee had been actively involved in systematically suppressing sales by manipulating their books of accounts," it said.
The company used the unaccounted cash to purchase the textile division and jewellery division during the past few years, it said.
"During the raid, various It was also found, that, the assessee had made unaccounted cash purchases of about Rs. 150 crore in textile division and jewellery division, during the past few years," the statement read.
Cash Sales Of Rs 1,000 Crore Found In Raids On Electrical Items Manufacturer How Tech Is Being Used To Find Hidden Gold After Massive Odisha Cash Haul Rs 350 Crore, 176 Bags Full, 25 Machines: Day 5 Of Congress MP's Cash Haul Strangled, Left In Car Trunk: How Harshita Brella Was Killed By Husband AR Rahman, Wife Saira Announce Separation After 29 Years Of Marriage Trump Names Former WWE CEO As US Education Chief Delhi University Warns Students Against Fake Notice About Winter Break Bryan Johnson, Tech Millionaire Whose Anti-Ageing Experiment Goes Wrong Video: Buffaloes Chase Away Lioness In Gujarat Track Latest News Live on NDTV.com and get news updates from India and around the world.