I-T searches on 70 locations of Saravana stores, Lotus group in Tamil Nadu "This search is based on information on tax evasion. The scope of the search may increase as we go through the day," an I-T official told TNM. news I-T Raids Close to 120 teams of the Income Tax Investigation Wing conducted searches at over 70 branches of the retail store chain Saravana stores in Chennai and Coimbatore. The raids that began at 7.30 am on Tuesday morning are still underway. According to sources in the Income Tax Department, officials were informed of the location of the raid on Tuesday morning and around 800 officials are involved. While textile showrooms are the focus in the Saravana stores raid, officials are also searching properties associated to the Lotus Group, which is into realty business. The residence of Yogarathinam Pondurai, the son of the founder of Saravana stores, is also being searched. He reportedly has interests in realty and other businesses. "This search is based on information on tax evasion. The scope of the search may increase as we go through the day," an IT official told TNM. On January 3, the Income Tax Department conducted searches at four popular restaurant chains in Chennai and suburban areas. This included restaurants and corporate offices of Saravana Bhavan, Grand Sweets and Snacks, Anjappar and Hot Breads. The searches were conducted, according to sources, after the investigators secured evidence of alleged tax evasion by the restaurants. This is a developing story.<doc-sep>The Income Tax department conducted raids on 74 locations linked to Saravana Stores and the Lotus group on Friday morning. Seventy-two of these locations are in Chennai, and the two others are in Coimbatore. Saravana Stores is a popular retail chain in Tamil Nadu. Its owner, Yogirathinam Pondurai, is under the I-T radar. Sources in the I-T department said the searches were based on a tip-off reagrding tax evasion and unaccounted money. The Saravana Stores outlet in Chennai's Panagal Park was closed for the day. On January 3, the I-T department raided some of Tamil Nadu's best-known eateries, including Hot Breads, Grand Sweets and Snacks and Anjappar. Officials said the homes and offices of directors of the food chains were being raided by a team of over 100 I-T sleuths.<doc-sep>I-T raids 74 branches of Saravana Stores in Chennai, Coimbatore CHENNAI: The Income Tax investigation wing on Tuesday began searches at 74 branches of the retail store chain Saravana Stores in Chennai and Coimbatore. "The searches have commenced in places belonging to G Square/Lotus group which are into realty business and Saravana Stores. Of the 74 places, only 2 are in Coimbatore and the rest are in Chennai,” said a senior I-T investigation officer.The searches include residence of Yogarathinam Pondurai and two realtor companies of the group.Pondurai, who is the son of the Saravana Stores founder Yogarathnam, has interests in realty and other businesses. "We have information about tax evasion and unaccounted money. We need to check their account books to ascertain whether their incomes and taxes tally," said the official.<doc-sep>Tax evasion cited as reason for action The Income Tax (I-T) department conducted searches on Tuesday at several premises belonging to two real estate firms — G Square Realtors Private Limited and Lotus Ventures and Infrabuild Private Limited — and a large retail firm, New Saravana Stores Bramandamai, suspecting tax evasion. Over 70 locations in Chennai and Coimbatore came under the scanner. The searches continued until late in the evening. A taxman who was a part of the operation said that they had found unaccounted cash to the tune of ₹15 crore and detected massive tax evasion. A senior I-T official from the investigations wing said, “We got a tip-off that all these firms have suppressed income and have evaded taxes. The firms have also done some big land transactions in the recent months and we wanted to look at how these deals were done.” “The land deals happened in Tamil Nadu and Andhra Pradesh,” he added. Several partnerships Another I-T official pointed out that the two real estate firms had floated several limited liability partnerships. “We are looking at each of these firms,” he said. Both firms have the same directors. G Square has aggregated land for some big corporates to set up manufacturing plants and IT parks. It recently sold off a 12.2-acre land parcel on the Pallavaram-Thoraipakkam Road (also known as Radial Road) to a big group. The Lotus group has also carried out land consolidation for some big companies. According to the Ministry of Corporate Affairs, both firms were incorporated in 2012. In the case of Saravana Stores, the businesses of one of the brothers are under the scanner.“New Saravana Stores Bramandamai is the group we searched,” said a taxman. The store, located opposite Panagal Park in T.Nagar, was shuttered. The store’s manager stood outside and was seen informing customers that the outlet would remain closed all day. While the taxmen did not disclose details of the search at New Saravana Stores Bramandamai, they did admit that the owner’s residences were searched as well. On an average, the retailer has a daily footfall of 5,000 people during peak hours. The numbers increase during weekends and the festive season.<doc-sep>
By Express News Service NEW DELHI: The Income Tax (IT) department conducted raids at 74 locations linked to G Square/ Lotus Group realtors and Saravana Stores on Friday morning. Seventy-two of these locations are in Chennai, and the two others are in Coimbatore, said a top Income Tax source. G Square Realtors Private Limited is a Private incorporated on October 12, 2012. It is classified as Non-govt company and is registered at Registrar of Companies, Chennai. Its authorized share capital is Rs. 100,000 and its paid-up capital is Rs. 100,000. It is involved in Building completion. Similarly, Lotus Ventures & Infrabuild Private Limited is a Private incorporated on September 13, 2012. Both the companies are located in Century Business Centre in TTK Road in Alwarpet. ALSO READ: I-T raids Saravana Bhavan, Anjappar, Grand Sweets and Hot Breads in Chennai Both the companies have similar share capital and the directors are Krishnan, Sreejith, Rangaswamy Ramajayam and Sreekala. The details of the directors could not be known. Similarly, there have been similar companies floated by the directors in Harrington Road and other areas also. The Income Tax department has also targetted Saravana Stores and raids are going on. The premises of Saravana group's owner Yogirathinam Pondurai are also being covered as part of the action, they said. A team of 70 tax officials are undertaking the operation with police assistance, they added. The department had last month conducted large-scale raids on a number of popular eateries of the state including Saravana Bhawan outlets. (With inputs from PTI)