Income Tax: Polycab’s problems increased, cash sale worth Rs 1000 crore detected, objectionable documents found
[ad_1]
income tax: The problems of electrical equipment and wire manufacturing company Polycab are going to increase in the new year. The company has been accused of a cash sale of Rs 1,000 crore. It is being told that the Income Tax Department has detected ‘unaccounted cash sales’ worth about Rs 1,000 crore while searching the premises of Polycab Group, which manufactures electrical wires and other electric goods. Recently the premises of the company were searched. The Central Board of Direct Taxes (CBDT) said in a statement that unaccounted cash worth more than Rs 4 crore has been seized after it launched searches against the group on December 22 last year. Besides, ban has been imposed on more than 25 bank lockers. A total of 50 premises including Mumbai, Pune, Aurangabad and Nashik in Maharashtra, Halol in Gujarat and Delhi are included in the search operation. The name of the group was not mentioned in the CBDT statement. But official sources have confirmed it to be Polycab India Limited.
Company’s statement came in the matter
In the information given to the stock exchanges, Polycab India termed the report of tax evasion of the company running in the media as a rumour. The company said in the statement that the company is committed to compliance and transparency of all rules. During the search operation in December, 2023, full cooperation was given with the Income Tax Department officials. The company has not yet received any information from the Income Tax Department regarding the results of the search. CBDT said that a large number of suspicious documents and digital data were seized during the search. These reveal the tax evasion methods adopted by the group in connivance with some authorized distributors. However, the Income Tax Department has said in its statement that during the investigation, it has found evidence that Rs 400 crore has been paid in cash by the flagship company for the purchase of raw materials through a distributor, which the department has seized. have taken.
What does the Income Tax Department say?
In the information given by the Income Tax Department about the matter, it has been said that during the investigation at the locations of the flagship company, evidence has been found that unnecessary expenditure of Rs 100 crore was spent on sub-contracting expenses, purchase and transport. Has gone. Also, the department has detected issuance of bills by a distributor without any supply even though the goods were sold in the open market in cash. In this manner, the authorized distributor has tried to inflate the purchase of Rs 500 crore to some parties. He used to sell exclusive products of the company. The Income Tax Department also discovered unaccounted cash worth around Rs 4 crore during the raid. 25 lockers of the department have been banned. The Income Tax Department’s investigation into the matter is still going on.
[ad_2]
Source link
