Bharati Shipyard under I-T scanner on tax evasion

India's largest private shipbuiler Bharati Shipyard came under the lens of the income tax authorties on Thursday, as the Mumbai investigative wing searched around 10-12 official and residential premises of the company on suspicions of tax evasion, two people familar with the development told ET NOW.

Bharati Shipyard manages six shipyards in the country and "the company's facilities at Kolkata were also surveyed as part of the inspection," said one of the two individuals cited above.

No cash disclosures and cash seizures have been reported as of now, the sources said. In its official response to a query from ET NOW, Bharati Shipyard confirmed that tax authorities had conducted a survey on Thursday and said that it was extending all co-operation to the income tax department.

The company did not confirm or deny the search operations. The Bharati Shipyard stock ended 1.2% lower on Friday, closing at Rs 78.