Polycab Provides Clarification, States No Communication Received from Income Tax Regarding Tax Searches

Polycab India Ltd, a manufacturer of electrical equipment, issued a clarification on Thursday (January 11) in response to the Income Tax department's search proceedings at some of its premises and plants. 

The clarification comes after the Income Tax department uncovered unaccounted cash sales amounting to approximately Rs. 1,000 crore during a recent raid on the Polycab Group. The company noted that it is aware of a press release titled Income Tax Department conducts search operations in Mumbai,' published on January 10, 2024 (at 8:06 pm).

The company wants to highlight that it has been fully cooperative during the search proceedings, providing the necessary clarifications and details as requested by the officials from the Income Tax Department.

Despite a press release titled 'Income Tax Department Conducts Search Operations in Mumbai published by the Press Information Bureau, Delhi, on January 10, 2024, Polycab points out that the release does not specifically mention any company.

As of the latest update, Polycab confirms that it has not received any written communication from the Income Tax Department regarding the outcomes of the search proceedings. The company has consistently kept stakeholders informed about the ongoing developments related to the search proceedings.

The post-search proceedings will continue, and Polycab reiterates its commitment to fully cooperating with the Income Tax Department throughout the process. importantly, the company assures stakeholders that there is no significant adverse impact on its financial position due to these developments.

Known for its ethical practices and adherence to the best corporate governance standards, Polycab remains committed to transparency. The company plans to promptly update the stock exchanges about any further developments related to the search proceedings. Shares of Polycab India Ltd closed at Rs. 3,904.70, reflecting a decrease of Rs. 1,007.15, or 20.50%, on the BSE.

Also Read: Haven't Received Tax Refund After Filing Income Tax Return? Know Reasons & Solutions