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.
