I-T Dept inspects books of Jet Airways

The Income Tax Department Wednesday began inspection of the books of crisis-hit Jet Airways for alleged falsification of accounts and suspicious transactions, sources said.

The full service carrier, which is grappling with financial woes, is already under the scanner of markets regulator Sebi and the Corporate Affairs Ministry for various alleged lapses.

Sources said the department began inspection of the Mumbai-headquartered airline's books on Wednesday and is conducting the operations at four premises of the airline.

Two of the premises are in the national capital and the other two are in Mumbai, they added. As part of the survey operation, tax sleuths only visit the business premises of a firm and check their books of accounts.

When contacted, an airline spokesperson said, "Income Tax officials are conducting a survey at Jet Airways' office".

The sources said the department is inspecting the books to ascertain whether there have been falsification of accounts, suspicious dealings and other possible violations.

Last month, the Corporate Affairs Ministry ordered an inspection of "books and papers" of Jet Airways.

Jet Airways reported a net loss of Rs 1,323 crore for the June quarter on August 27. The carrier is also under the regulatory lens for deferring the results, which were initially scheduled to be announced on August 9.

Shares of the airline Wednesday fell 3.67 per cent to close at Rs 244.25 on the BSE.