KOCHI: The Income Tax Department on Monday conducted raid at the residence of jewellery businessman M M Ramachandran, owner of the Atlas Group, in Thrissur. The IT sleuths also inspected the showrooms and offices of the firm in Kochi, Thiruvananthapuram and Coimbatore, following a tip-off.
The Income Tax officials said that the raids, which commenced on Monday evening, would continue on Tuesday.
“We received information that the company evaded income tax of several crores. The extent of the tax evasion would be known only after the completion of the raid,” the officials said.
Last week, the Department had conducted similar raids at the residences of the owner of Elegance Group, which owns several luxury hotels, as well as the offices. It was found in the raids that the firm had evaded income tax to the tune of more than Rs 20 crore.
Income Tax officials said that a strict monitoring system had been put in place following a directive from the Income Tax Directorate.