I-T dept sends tax notice to Jet's Naresh Goyal

The Income Tax Department has sent a tax notice to Jet Airways Chairman Naresh Goyal, inquiring about his account with HSBC Bank in Geneva which contains Rs 200 crore.

The I-T notice, sent by the Mumbai investigations directorate in December, had been issued under two heads “where income has escaped assessment” and “compelling the production of books of account and other documents” of the taxpayer.

When contacted, the airline spokesperson said, “Mr Goyal did receive a routine inquiry letter from I-T department regarding bank account details with HSBC Bank, Geneva. The account was of M/s Tailwinds Ltd, which is the holding company of Jet Airways. Since Mr. Goyal is an NRI and the account pertains to an offshore company based in Isle of Man and all questions have been satisfactorily replied to the I-T department.”

The department was still collecting information on Goyal.

As on March 31, promoters of Jet Airways hold 80 per cent of the company, with Goyal holding 0.01 per cent and Tail Winds 79.99 per cent. Institutions hold 13.64 per cent and non-promoter investors, including individual, hold 6.36 per cent.