A Moneycontrol story quoting sources claims that Jane Street, a US-based hedge firm, is not assisting with the Income Tax Department’s continuing inquiry. Access is being prohibited to their (Jane Street) servers, which are situated outside of India. Even though Indian business law requires that the books of accounts be kept in India, they are sometimes kept abroad. Only a minimal number of employees are there, and they are not assisting either,” the sources informed Moneycontrol.
“It’s premature at this stage,” they noted. The income tax department will estimate their effective control and management plan after receiving all transaction data and books of accounts.
This comes after an income tax survey was carried out on Thursday at Jane Street’s local business partner Nuvama Wealth Management’s Mumbai location.
The Income Tax Department is conducting a survey today, under Section 133A of the Income Tax Act, 1961, at the Company’s Registered office,” Nuvama stated in a regulatory filing, confirming the tax survey conducted under Section 133A of the Income Tax Act, 1961. The business is providing the necessary information and offering complete cooperation to the authorities.
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