I-T dept raids Polycab, finds 'unaccounted Rs 1,000cr sales'

NEW DELHI: The income tax department has detected "unaccounted cash sales" of about Rs 1,000 crore after it recently raided the Polycab group, a prominent wires, cables & electrical items manufacturer, the CBDT and official sources said on Wednesday.
Unaccounted cash of more than Rs 4 crore was seized and more than 25 bank lockers were put on restraint after the searches were launched against the group on December 22 last year, the Central Board of Direct Taxes said in a statement.
It said a total of 50 premises in Mumbai, Pune, Aurangabad and Nashik in Maharashtra, Daman, Halol in Gujarat and Delhi were covered. CBDT did not name the group but official sources confirmed it to be Polycab India. Polycab India issued a clarification to stock exchanges earlier in the day terming reports of "tax evasion by the company circulating in media" as "rumours". agencies