Jet Airways-Godrej Buildcon land deal under Income Tax department scanner

In fresh trouble for Naresh Goyal-controlled Jet Airways, the income tax (I-T) department is examining the airline’s financial deal with Godrej Buildcon (GBPL), a wholly-owned subsidiary of Godrej Properties. 

As part of a land development agreement, Jet Airways is said to have received Rs 17.25 billion as “monetary consideration” from the developers. The I-T department is assessing whether this attracts tax liability on the parties concerned. Sources say the department will soon seek an explanation and ask them to file a response. 

The matter pertains to an agreement between Jet and Godrej Properties in 2011, where they had planned to