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Store Underreported Sales Worth 1,000 Crores To Evade Taxes In Tamil Nadu
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Highlights
- The Income Tax Department announced today that a popular retail chain in Tamil Nadu underreported sales totaling more than 1,000 crore in order to avoid paying tax.
- The unexplained cash was used to buy the textile and jewellery divisions in recent years.
The Income Tax Department announced today that a popular retail chain in Tamil Nadu underreported sales totaling more than 1,000 crore in order to avoid paying tax.
According to the report, the tax agency, Super Saravana Stores' management accomplished this by manipulating their books of accounts. On December 1, the firm's 37 offices were raided.It stated that the collector had been proactively engaged in systematically reducing sales by falsifying their books of accounts, citing confiscated documents and other damning items acquired during the investigation. The unexplained cash was used to buy the textile and jewellery divisions in recent years.
As per the sources, various people were killed or injured during the raid. The assessee was also discovered to have made undocumented cash purchases of roughly Rs. 150 crore in the textile and jewellery divisions over the past few years. In the instance of the second group, incriminating evidence suggests that the assessee group received 'bogus bills' worth Rs 80 crore from a group of parties, hence suppressing taxable revenue.
It claimed that the proof of unaccounted for gold purchases has also been uncovered. It was discovered that the assessee group was debiting exaggerated jewellery making expenses. The CBDT also discovered unexplained rental income and scrap sales totaling Rs 7 crore.
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