Thursday, January 11, 2024

Unaccounted Rs 1,000cr sales' are discovered when the IT department raids Polycab

 NEW DELHI: The personal expense division has identified "unaccounted cash deals" of about Rs 1,000 crore after it as of late struck the Polycab bunch, a conspicuous wires, links and electrical things maker, the CBDT and official sources said on Wednesday.

Unaccounted money of more than Rs 4 crore was seized and in excess of 25 bank storage spaces were placed on restriction after the hunts were sent off against the gathering on December 22 last year, the Focal Leading group of Direct Duties said in an explanation.

According to the report, fifty buildings in Mumbai, Pune, Aurangabad, Nashik, and Daman in Maharashtra, Halol in Gujarat, and Delhi were covered. CBDT didn't name the gathering however official sources affirmed it to be Polycab India. Early in the day, Polycab India issued a clarification to stock exchanges, labeling media reports of "tax evasion by the company" as "rumors." agencies

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