DIRECT TAXES
| Naresh Goyal gets I-T notices Tue, 27 Dec 2011 18:32:09 +0530 |
| Business Standard Jet Airways Chairman Naresh Goyal today maintained that he has not violated Income Tax law provisions or evaded taxes and he has already responded to notice of the authorities seeking explanation reportedly about an overseas account held by him. "We have complied with the notices received from the I-T department under Section 131 and Section 148 of the I-T Act. There is neither any violation of the Act nor any evasion of tax," Jet Airways Chairman Naresh Goyal was quoted as saying by his spokesperson. The I-T notices, sent by the Mumbai investigations directorate, have been issued under two heads "where income has escaped assessment" and "compelling the production of books of account and other documents" of the taxpayer. Goyal's company Tail Winds, the parent company which owns 79% in Jet Airways, is based in the tax haven of the Isle of Man in the United Kingdom. According to sources, the I-T department will also send a communication to their counterparts in the Isle of Man to obtain further information on the account and determine if it is a legal or illegal account holding. According to I-T sources, existence of such an account has not been reflected earlier in the I-T returns of Goyal or his company. Incidentally, faced with a number of cases of refusal of secret foreign bank account holdings by a number of people, the I-T department has decided to re-open past tax returns many of such individuals in Mumbai and Delhi among others, in order to unearth black money stashed abroad. The Central Board of Direct Taxes (CBDT) has decided to send the names of those taxpayers to the I-T assessment wing who have refused to acknowledge holding of accounts in Swiss or Liechtenstein banks after India recently obtained their names during its fight to unearth illegal funds hidden in foreign shores. Indian has so far received over 9,900 pieces of information from several countries regarding suspicious transactions by Indian citizens, which are now under different stages of processing and investigation. |
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