I-T dept raids on IRB premises in Mumbai and Pune

Mumbai: The income tax (I-T) department conducted raids across 40 premises of IRB Infra in Mumbai and Pune.

While not revealing many details about the nature of the raid, the I-T officials said the raids were undertaken on the basis of alleged corporate tax evasion. According to sources, the company's tax returns are said to be not in tune with the profit the firm has been making.

IRB Infra recently bagged the contract for developing a portion of National Highway-8, between Ahmedabad and Vadodara. The Mumbai-Pune expressway is also maintained by IRB. Most of the toll contracts in Maharashtra are also with IRB. "The company inflated the cost of the projects with an intention to evade tax," said a source.

The I-T department has also confirmed raids in the office of another infrastructure company, IVRCL in Hyderabad.