IT department continues raids for third consecutive day

Chhatrapati Sambhajinagar: The Income Tax (IT) officials have extended their operation for a third consecutive day, targeting the bungalow of a prominent distributor of cables and electricals associated with Polycab India Limited Company in Sindhi Colony.

Since Friday, the IT department has been conducting simultaneous raids on 50 distributors affiliated with Polycab, a leading cable and wire manufacturing company, across the country. The ongoing action encompasses both the distributor's showroom and their bungalow located at Trimurti Chowk, the primary distributor in Chhatrapati Sambhajinagar. The investigation seeks to uncover potential tax evasion, undisclosed business transactions, unrecorded sales, destroyed invoices, as well as the extent of free goods distributed by the distributor.

The authorities are reviewing several aspects, including the distributor's bank transaction statements, inventory held in the showroom and warehouse, as well as examining the photocopies of crucial documents. The operation commenced in the distributor's bungalow on Sunday morning and continued late into the night. However, the duration of the action remains undisclosed, as the income tax department maintains strict confidentiality.