HSBC case: Tax query sent to Jet Airways' Naresh Goyal

 Of those 700 names, one of those names is that of Jet Airways promoter Naresh Goyal and hence the IT Department has sent a query to him asking for the details of the HSBC Bank account which allegedly contains Rs 200 crore.

Jet Airways has said that it has responded satisfactorily to all the I-T Department queries. It explained that the account is in the name of Tailwinds which is the holding company of Jet Airways and hence it’s an offshore company based in the Isle of Man.

The I-T Department is now working on an assessment. It is not necessary that this will result in prosecution, because MGoyal is an NRI and hence he may not be subject to the taxation norms of the country. So, the tax department is still in the process of collecting more information on whether this account will be taxable or not. The Tax Department has estimated it is contain about Rs 7,000 crore and a government that is fiscally constrained at this point is very keen to tax as much of this as it can.