Shares of Polycab, an electrical equipment manufacturer, plunged 10% after the Income Tax department uncovered unaccounted cash sales of about Rs 1,000 crore during a recent raid on the Polycab group. The CBDT revealed that the group, in collusion with authorized distributors, evaded taxes through unrecorded cash sales. Polycab India denied the allegations, asserting its commitment to compliance and transparency.
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