)
The Income Tax department has today conducted search in the GRT Group institutions including its jewellery showroom in T Nagar, Chennai and the hotels. The action is on alleged tax evasion by the company, according to sources.
The search was conducted in three cities, Chennai, Hyderabad and Bangalore, in five places, according to reports. The search started at around 8 am on Thursday. However, the outcome of the search is yet to be known.
Officials from the Income Tax (Investigation) department has confirmed the action, but said that further details would be made public later. According to a senior official in the department, the search and related activities are going on even at 7.30 pm on Thursday.
It may be noted that the action comes soon after Akshaya Trithiya, an auspicious day when people purchase gold for their prosperity, and GRT is one of the major players in jewellery market in Chennai. The Group's hotels were also searched by the party, it is learnt.
It is not the first time the jewelery coming under the scanner of the IT department, according to an earlier report. Agency report in 2003 says that the jewellery and hotels were raided by the IT officials in October 2003.
