IT department finds evidence of exaggerated spending by Jet Airways

New Delhi: The Department of Income Tax (IT) found evidence of increased spending by Jet Airways in its investigation at the airline's offices in Mumbai and Delhi. The branch of the Mumbai Income Tax Directorate survey had conducted the investigation into four Jet Airways premises in both cities. A senior income tax official, aware of the development, told ANI: "We found evidence of very high expenses during the investigation. Jet Airways had spent too much to make the company profitable.

As a result, the IT department checks all records for information on alleged financial irregularities and suspicious transactions by Jet Airways, controlled by Naresh Goyal. According to sources, IT managers have been examining the airline's records over the past four years to determine whether there has been misappropriation of funds and to look into suspicious suspicious expenses in the group entities as well. where appropriate.

The official revealed that the department had decided to conduct the investigation after Jet Airways had postponed its quarterly result. On September 19, the IT department conducted a survey of Jet Airways to verify its expenses.

Airlines have been in the spotlight since August 9, after postponing its quarterly results in the midst of disagreements with its auditors, leading to queries from stock exchanges and the market regulator. The auditor did not change his opinion and reiterated that the future of the airline depended on the mobilization of capital and the generation of sustainable cash flows.

Last month, Jet Airways said it would seek to inject capital and sell a stake in its loyalty program, after recording a net loss of 13.26 billion rupees in the April-June 2018 quarter. -2019.