A massive Income tax raid has been carried out at around 40 places in Tamil Nadu. Jewellery showrooms, residences, offices of top business entities in Coimbatore, Madurai, Dindigul, Tirunelveli and Chennai were targeted during the raid.
In Coimbatore, the IT officials are currently screening the shops, factory and residence of Kirtilal Jewellers. Both their shops in Raja street and Gandhipuram are closed due to the IT raid. Four special teams were deployed for the raid. It is speculated that financial / stock discrepancy and non-disclosure of accurate accounts were the reasons for the sudden IT raid. The raid began at around 9 am and still on-going. The unanticipated income tax raid has created shock waves amongst the retailers in the city.