Income Tax Dept. Conducts Search Operations at More Than 50 Premises Linked to ‘Polycab India’
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- Last Updated on 12 January, 2024
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Press Release, dated 10-01-2024
The Income Tax Department initiated search and seizure operations in the case of a group engaged in manufacturing wires, cables and other electrical items. The search was conducted at more than 50 premises located in Mumbai, Pune, Aurangabad, Nasik, Daman, Halol, and Delhi.
During the search operation, a large number of incriminating evidence in the form of documents and digital data have been found & seized. Credible evidence recovered during the search has established that the flagship company has made unaccounted cash sales of around Rs. 1,000 crores, which are not recorded in the books of accounts. Evidence of unaccounted cash payments of more than Rs. 400 crores made by a distributor, on behalf of the flagship company, towards purchases of raw materials has also been seized.
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