Income Tax raids at Saravana Stores and other popular shops

Sleuths from the Income Tax department today conducted raids at popular business chains in the city, including Saravana Stores, Perambur-based Revathy group and Lotus group. According to sources, the searches started this morning and are going on. "Only at the end of the raids, the outcome can be revealed," sources added. The raids are taking place at a total number of 74 places in Chennai and Coimbatore. Shops of Saravana Stores group, Revathy Stores, Revathy Jewellers and other places are under scanner, they said.

It is learnt that the searches are being conducted following suspicion of tax evasion. Lately, the Income Tax department has been conducting raids at various business establishments in Chennai and other parts of Tamil Nadu. Earlier this month, the I-T department carried out searches at a jewellery store and a few textile shops in Parry's Corner in the city. Sources said that the officials have termed it as a ‘survey’ and not as a raid. A team of 40 persons were part of the operation. Meanwhile in a shocking revelation, the I-T department informed the Madras High Court recently that it had freezed the Poes Garden residence of former Chief Minister and AIADMK general secretary J Jayalalithaa.

The department's counsel said the action has been taken due to prevailing tax dues amounting to Rs 16.75 crore. The I-T department also stated that if the dues are cleared, there will be no objection from its side to convert the house as a memorial of the late Chief Minister.