Income Tax (I-T) officials searchedthe premises of a company which is intomanufacture and sale of wires, cablesand fast moving electrical goods alongwith its distributors recently and found thecompany has made unaccounted cashsales of around Rs 1,000 crore. The I-Tsearched around 50 premises located inMumbai, Pune, Aurangabad, Nashik, Daman,Halol (Gujarat) and Delhi. Unaccountedcash exceeding Rs 4 crore, was seized andover 25 bank lockers “put on restraint”.”Preliminary analysis suggests that thecompany indulged in unaccounted cashsales, cash payments for unaccountedpurchases, non-genuine transport andsub-contracting expenses for suppressionof its taxable income” the I-T said in a pressrelease issued on Wednesday.
Shares of Polycab India closed 0.96% higher at Rs 4,914.00 apiece on the NSE, as compared with a 0.34% advance in the benchmark Nifty 50.
I-T dept raids Polycab, finds ‘unaccounted aRs 1,000cr sales
The income tax department has detected”unaccounted cash sales” of about Rs1,000 crore after raiding the Polycab group.Unaccounted cash of more than Rs 4 crorewas seized and more than 25 bank lockerswere put on restraint. The searches covered50 premises in Mumbai, Pune, Aurangabad,Nashik, Daman, Halol, and Delhi. PolycabaIndia issued a clarification denying thereports of tax evasion.