The hash %INC contains entries for each filename included via the do, require, or use operators. The key is the filename you specified (with module names converted to pathnames), and the value is the location of the file found. The require operator uses this hash to determine whether a particular file has already been included.
If the file was loaded via a hook (e.g. a subroutine reference, see "require" in perlfunc for a description of these hooks), this hook is by default inserted into %INC in place of a filename. Note, however, that the hook may have set the %INC entry by itself to provide some more specific info.