Income tax raids on Saravana stores
The Income Tax (IT) department officials on Thursday raided Saravana and Saravana Selvarathnam group of stores in the city, following complaints of alleged tax evasion. Sources said the IT officials raided 17 places.
The raids, which began at eight in the morning on Thursday, were conducted at more than 10
Saravana Stores premises at T Nagar in the city and in the recently opened showroom at Puraswalkam.
The raids were being carried out simultaneously at all the premises. Sources said that a total of 17 places were raided including stores and the houses of owners.
Saravana Stores Enterprises is a Chennai-based diversified retail chain, selling textiles, jewellery, vessels and a wide range of consumer products. The store is regarded as the most sought after destination for the lower and middle class consumers, especially for the poor.
Saravana Stores is estimated to get 100,000 shoppers a day at its seven-story 25,000 sft original outlet, drawn by its promise of low prices. Its turnover of more than Rs 450 crore makes it one of India’s most successful retailers of its size.
Read full article: Business Standard
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