It was not in a plastic case

[suprunp]

He tore it [envelope] open to find a single bare sixty-minute TDK audiotape cassette. No letter or memo accompanied it. It was not in a plastic case, and the cassette bore no label.
(H. Murakami; 1Q84)

Does 'it' denote 'the cassette'?

Thanks.

[Tdol]

Yes