Jet Airways Under Scrutiny by IT Dept For Highly Inflated Bills

The Mumbai Directorate of IT investigation wing had searched the company’s four office premises in the two cities.

The Mumbai Directorate of IT investigation wing had searched the company’s four office premises in Delhi and Mumbai.

(Photo: Reuters)

The Income Tax (IT) department has found evidence of falsification of accounts and suspicious transactions by airlines carrier Jet Airways, ANI reported on Friday. The IT department found evidences of inflated expenditure during surveys carried out at its Delhi and Mumbai offices.

It was reported that the Mumbai Directorate of Income Tax investigation wing had searched the company’s four office premises in the two cities.

A senior official told the news agency that the airlines was found to have highly inflated expenditure bills while filing its returns to reduce the profitability of the company.

It is also said that the IT department is verifying records to find out information about any other financial irregularities by Jet.

The sources said that 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 after it deferred its quarterly results amid differences with its auditors, leading to queries by stock exchanges and the market regulator.

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

(With inputs from PTI and ANI)