The chairman of Jet Airways, the largest Indian airline operating out of Mumbai, claims he hasn't evaded tax by using a company based on the Isle of Man.
Naresh Goyal says he's already responded to authorities who want information about one of his overseas accounts.
Two income tax notices from the Mumbai Investigations Directorate in India have been issued.
The first for 'where income has escaped assessment' and the second 'compelling the production of books of account and other documents' of the taxpayer.
Tail Winds, a company based on the Island and owned by Mr Goyal, owns some 79 per cent of Jet Airways and is its parent company.
It's claimed the Mumbai based income tax department will send a communication to their counterparts on the Island to obtain further information on the account and determine if it is a legal or illegal account holding.
It's alleged the existence of such an account has not been reflected earlier in the income tax returns of Mr Goyal or his company.
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