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Taxmen raid top TN textile retail chain suspecting tax evasion

Press Trust of India  |  Chennai 

authorities today launched simultaneous searches at nine premises of a leading firm running a chain of retail textile showrooms in Tamil Nadu, and to probe suspected tax evasion.

"We held an enquiry last night. Following that we begun the searches this morning. Searches are on at Chennai, Coimbatore and in a total of nine premises," a top official told PTI.

He said the raids are "likely to continue tomorrow as well."

To a question, he said data related to sale, stocks, investments and properties were being verified.

Stating that officials were on the job "holding searches and verifying documents," he said no conclusion could be made at this stage on questions like tax compliance and suspected tax evasion.

Top echelons of the textile company including its managing director were being questioned, he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 18 2016. 22:07 IST