The Income Tax Department (IT) has sent two notices to Naresh Goyal, promoter and chairman of Jet Airways, asking for an explanation of overseas accounts held by him. These notices have been sent under Sections 148 and 131 of the Income Tax Act. 

Goyal confirmed receipt of the notices and said that they were received about 10 days back. "We have complied with the notice received from the Income Tax Department under Sections 131 and 148 of the IT Act. There is neither any violation of Act nor any evasion of tax," said Mr Goyal. His accountant Rakesh Chaturvedi also denied any tax evasion charges. "The notices are not for tax evasion by Goyal," Mr Chaturvedi said. "All notices have been abided by," he added. 

The IT department did not comment on the contents of the letter and the reason behind the notices. 

Goyal, whose company Tailwinds owns 79% stake inJet Airways and is based in the Isle of Man, the UK, also saidl that he has received two notices and that they have been dealt with. "I have received two notices under section 131 of and under Section 148 of the Income Tax Act. I have replied and adequately dealt with the same," he said as per a report in ET.

Goyal, as a non-resident Indian, is allowed to hold accounts in overseas banks, his office told ET on Monday. 

The Income tax department has been sending notices to several people whose names appear on a list ofHSBC account holders submitted to India by the French government. It is not known whether Mr Goyal's name figures in that list but other account holders of the bank have already been sent notices. 

Tax experts say that because Goyal earns his income from India he is liable to pay tax here and can be summoned for assessment by income tax officials. 

Section 148, according to tax experts, allows the re-opening of the assessment done in the past six years while Section 131 gives the power to tax officials to summon the assessee for any assessment related queries to be made by them that will further help to determine the extent of the tax. 

The notice to Jet's promoter comes at an unpalatable time when the sector as well as the airline is doing badly. 

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