Highways developer IRB Infra today said searches conducted by the Income Tax (I-T) department at its premises has no material implications on the company.
"IRB Infrastructure Developers has cooperated with the authorities and various statements were recorded by the authorities during the course of operations. There are no material implications on the Company and its operations as a result of this action," the company said in a filing to the Bombay Stock Exchange.
The I-T department has conducted search operations at the company's corporate office and sites across Maharashtra on July 21 and 22 on suspicion of tax evasion by using inflated bills.
The searches were conducted on around 40 premises of IRB and its subsidiaries across Mumbai, Pune and Nagpur.
