|  |  |  |  | 

Business Exclusive Headlines News

Income tax raid at Saravana Bhavan- Adyar Ananda Bhavan

Chennai, July 24 () : Income Tax officers conducted search operations on the same day on two popular vegetarian restaurant chains here – Hotel Saravana Bhavan (SB) and Adyar Ananda Bhavan (A2B) Sweets and Snacks in various parts of the State and in Bangalore, New Delhi and Vijayawada.

400 IT men from Directorate General were conducting the search which is still going on. Saravana Bhavan owner Rajagopal’s Chennai house, Tuticorin farmhouse and Vadapalani head office were  also searched.

It was business as usual in the outlets of these groups while they were closed on Mettur Road near Erode, Salem and in other places. These area outlets observe Tuesday as a holiday.

Saravana Bhavan has 29 outlets in South India, and has 2 in the North and 10 countries with 38 outlets across the globe and 2 countries with 8 outlets to be opened . SB has its own ice cream and bakery brands.

Three decades ago,Late K. S. Thirupathi Raja started Adyar Ananda Bhavan, a sweet shop in Chennai. Now it has fifty-four branches in Chennai, Kanchipuram, Erode, Madurai, Trichy, Coimbatore ,Tripur , Karnataka, Pondicherry and Delhi.

M/s. Adyar Ananda Bhavan Sweets & Snacks is now grown into a $12 million turnover concern. The two brothers Mr. K.T. Venkatesan and Mr. K.T. Srinivasa Raja manage the company.

According to Income Tax sources, Saravana Bhavan has declared a turnover of Rs. 300 crore, while A2B about Rs. 450 crore.

Income Tax officials said that they had never raided these two eating establishments so far but of late they were seeing that the balance sheet was showing more expenses and profits coming down.

On inspection, they found that prices were on the high-end and outlets were well patronized. The search team mainly searched the godowns where the stocks were  kept and stayed away from the fast food outlets since it could disrupt business and the food and vegetables which are perishable would be spoilt.

income-tax-raid-at-saravana-bhavan-adyar-ananda-bhavan

ABOUT THE AUTHOR