NEW DELHI: The Income Tax Department has detected unaccounted cash sales of Rs 1,000 crore by Polycab India, the Mumbai-based manufacturer of wires and cables.
It conducted raids on 50 premises of Polycab in Mumbai, Pune, Aurangabad, Nasik, Daman, Halol and Delhi on December 22. In a statement on Wednesday, the department said evidences reveal modus-operandi of tax evasion by Polycab in connivance with some of authorised distributors.
“Preliminary analysis suggests the firm indulged in unaccounted cash sales, payments for purchases, non-genuine transport and sub-contracting expenses, etc for suppression of its taxable income,” said the department.