I-T dept raids IRB Infra, IVRCL offices

IRB Infra has been in news off late with the management indicating that it had pre-qualified for Rs 41,000 crore project for which bidding is on currently. Also, the toll-road builder has also posted a forecast-beating June quarter result with a 13% rise in its net profit.

Now, CNBC-TV18's Ashwin Mohan reports, quoting government sources, that IRB's 40 premises in Pune and Mumbai have been raided by the Income Tax department. This would definitely be a set back for the company. However, the nature behind the raid is unknown. Of course, every corporate raid is done on the basis of alleged corporate tax evasion. With a daunting target of 5.32 lakh crore and direct taxes contributing about 60% of the country