The Income Tax Department has detected unaccounted cash sales of about Rs 1,000 crore after it initiated search and seizure operations against the Polycab Group, according to people aware of the development who spoke on condition of anonymity.
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Apart from unaccounted cash sales of around Rs 1,000 crore, evidence of unaccounted cash payments of more than Rs 400 crore made by a distributor on behalf of the flagship company has also been seized, the statement said.
The IT department also identified non-genuine expenses, aggregating to Rs 100 crore, and inflating the purchase accounts through authorised distributors aggregating to Rs 500 cr.
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