Income Tax Department Conducts Searches At 50 Locations Linked To Polycab India In Mumbai

The investigation wing of the Income Tax Department carried out extensive searches at nearly 50 locations associated with Polycab India in Mumbai on Friday. This operation extended to the residences and offices of the top management connected to the company. Polycab India Limited, recognized as the largest manufacturer of wires and cables in the country, conducts its business operations across India through an extensive network that includes 23 manufacturing facilities, over 15 offices, and more than 25 warehouses.

In terms of financial performance, Polycab India reported a substantial 59% increase in profit in September, amounting to Rs 426 crore. Furthermore, as of December 11, the market capitalization of Polycab was nearing the Rs 85,000 crore mark, surpassing that of Havells India.

The reasons behind the Income Tax Department's searches and the nature of the investigation were not explicitly stated in the provided information. Such actions by tax authorities are typically carried out to ensure compliance with tax laws, investigate potential financial irregularities, or uncover any undisclosed income. It's essential to await further updates or official statements to gain more clarity on the specific details and outcomes of the Income Tax Department's searches at Polycab India's locations.