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Nation Current Affairs 30 Jan 2019 Chennai: Income Tax ...

Chennai: Income Tax raids on Saravana stores, 2 realty firms

DECCAN CHRONICLE.
Published Jan 30, 2019, 1:52 am IST
Updated Jan 30, 2019, 1:52 am IST
The 800-strong team visited offices and houses related to the business groups and went through books of accounts and other documents.
The Income Tax department on Tuesday raided 74 places in Chennai and Coimbatore in connection with the popular retail chain Saravana Stores, Perambur-based Revathy Group and realty companies - G Square and Lotus group.
 The Income Tax department on Tuesday raided 74 places in Chennai and Coimbatore in connection with the popular retail chain Saravana Stores, Perambur-based Revathy Group and realty companies - G Square and Lotus group.

Chennai: The Income Tax department on Tuesday raided 74 places in Chennai and Coimbatore in connection with the popular retail chain Saravana Stores, Perambur-based Revathy Group and realty companies - G Square and Lotus group.

The 800-strong team visited offices and houses related to the business groups and went through books of accounts and other documents, looking for any illegal or benami deals. "The main focus of the raid at Saravana Stores are the books of the stores itself, specifically the textile business. The residence of Yogarathinam Pondurai, son of founder of Saravana stores, is also being searched. He reportedly has interests in realty and other businesses. The primary focus is the realty interests of all these stores," a source in the IT department said. Shutters were down at the Saravana Stores outlet opposite Panagal Park in T.Nagar, Chennai.

 

IT officials are also searching properties associated to the Lotus Group, which is into realty business. Revathy group, based in Perambur, has interests in jewellery, furniture shop, textiles and supermarkets and the raids there are still underway, the source said.

It may be noted that earlier this month, popular eateries like Saravana Bhavan, Grand Sweets and Snacks, were raided after claims of tax evasions surfaced. Officials said the homes and offices of directors of the food chains were raided by a team of over 100 I-T sleuths. Ends

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