Jet Airways chief Goyal denies tax evasion

Mumbai: Jet Airways chairman Naresh Goyal has denied any evading of tax payment. This is after a notice to him from the income tax (I-T) department, seeking details of his foreign bank accounts. Goyal is formally a non-resident Indian and his Isle of Man (UK) registered company, Tail Winds, owns 79 per cent stake in the airline.
The notice was served some days earlier under sections 131 and 148 of the I-T Act. An I-T officer can serve a notice under section 148 when there is material to believe an individual's income has escaped assessment. Section 131 allows the department to summon the assessee for any query to help determine the extent of tax.
Goyal confirmed getting the notices from the department but denied any wrongdoing. "We have complied with the notice received under sections 131 and 148. There is neither any violation nor any evasion of tax,'' he said in a statement to this paper.
28/12/11 Business Standard

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Categories: Jet Airways Dec 2011