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IT men find Rs 120 cr tax evasion by food chains
Tamil Nadu

IT men find Rs 120 cr tax evasion by food chains

S Murari

The Income-Tax Department has found that food chains Saravana Bhavan, Anjappar, Hotbreads and Grand Sweets , spread across Tamil Nadu and the rest of India as well as many countries, have evaded tax to the extent of Rs 120 crore by under-reporting their revenues from overseas branches, reports quoting the IT sources have said.

The IT men have made the estimate on the basis of documents recovered at the end of three days of raids on the hotels and administrative and corporate offices of these food chains.

Officials said the food chains not only under-reported revenue from overseas branches, but also misused concessions available to NRIs and invested the black money in shell companies in Dubai.