I-T dept raids Saravana Stores, two realty firms in Tamil Nadu..!
The Income Tax (I-T) department on Tuesday conducted searches on premises of real estate firms G-Square and Lotus Group, and retail firm Saravana Stores in Tamil Nadu. The searches were on at over 70 locations in Chennai and Coimbatore.
Residences of Yogarathinam Pondurai, proprietor of Saravana Stores, also came under the search.
A senior I-T department official said the searches were being conducted as the department received information that these firms had been suppressing their income and evading tax.
Another senior I-T official from the investigating wing said, "We are focusing on the real estate division of all these three groups."
Shutters were down at the Saravana Stores outlet opposite to Panagal Park in T.Nagar, Chennai. The store's manager said the shop would open late evening.