Jet Airways says cooperating with IT department; shares down over 6%

Jet Airways on Friday said it is cooperating with the authorities concerned and is responding to the questions raised by the Income Tax Department.

The statement comes after the Tax Department officials on Wednesday conducted "verification surveys" at the business premises of Jet Airways at four locations in New Delhi and Mumbai.

"Income Tax officials are conducting a survey at the premises of the company since September 19. The company is fully cooperating with the authorities and are responding to the queries raised by the Income Tax authorities," the airline said in a regulatory filing to the BSE.

It also said: "We are committed to make appropriate disclosures in accordance with applicable regulations to avoid any speculative activities and have been regular in making the required disclosures..."

Sources on Wednesday said: "These are verification surveys and not raids as such. The Income Tax officers have visited four business units of Jet Airways to ascertain if the expenses claimed by the company are correct."

Meanwhile, the IT move has led to a slump in the shares of the airline.

At 1.00 p.m., the share price of Jet Airways on the BSE was at Rs 227.85, lower by Rs 16.40 or 6.71 per cent from its previous close of Rs 244.25 per share.

--IANS

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