A report by Moneycontrol quoting sources claims that Jane Street, a hedge fund located in the United States, is refusing to cooperate with the Income Tax Department’s continuing inquiry.
Jane Street’s servers are situated outside of India, and access to them is restricted.” The books of accounts are also kept abroad, even though Indian company law mandates that they be kept in India. “They only have a small number of employees here, and they’re not helping either,” the sources told Moneycontrol.
At this point, it’s premature,” they added. Books of accounts and their efficient control and management plan will be calculated when the income tax agency receives all transaction data. This is in response to the income tax survey that was carried out on Thursday at Jane Street’s local trade partner, Nuvama Wealth Management, in Mumbai.
According to a regulatory filing, Nuvama verified the tax survey conducted under Section 133A of the Income Tax Act, 1961, saying, “Today, the Income Tax Department is conducting a survey at the Company’s Registered office, under Section 133A of the Income Tax Act, 1961. The business is providing the authorities with all necessary information and extending full cooperation.
Also Read:
From Oilfields to Boardrooms: Mahmoud Abughazala’s Global Playbook for Building GEMS
Strategic SEO Leadership with Nikolas Monti-Potsolakis
