Black money: Jet Airways's parent company on I-T dept radar

New Delhi: Jet Airways has been served notices by the Income Tax (I-T) department over a Swiss bank account in the name of Tailwinds, the Isle of Man-based parent of Jet Airways, which holds 79.99 per cent stake in the airline. The I-T department has served two notices to Jet's co-founder, Naresh Goyal , a move by the government to unearth black money stashed abroad.
The first notice to Goyal was issued under Section 131 of the Income Tax Act seeking production and examination of books of accounts and other relevant documents. The second notice, served under Section 148, sought to reopen assessments of Tailwinds' books for 2006-07, a leading news television has reported.
According to sources, Goyal immediately responded to the first notice, stating that the Tailwinds accounts were officially disclosed to and approved by the Reserve Bank of India (RBI), Foreign Investment Promotion Board (FIPB), and the ministry of civil aviation and that there was no tax evasion.
However, Goyal's response to the second notice which sought clarifications on Tailwinds' income from India is not known.
27/12/11 Mail Today/Business Today

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Categories: Foreign Dec 2011, Jet Airways Dec 2011