1. Gujarat businessman declares whopping Rs 13,000 crore as ‘black money’; was it for himself?

Gujarat businessman declares whopping Rs 13,000 crore as ‘black money’; was it for himself?

In a startling revelation, a Gujarat businessman has declared an astonishing Rs 13,000 Crore as illicit wealth to Income Tax Authorities, a report said.

By: | New Delhi | Updated: December 2, 2016 9:08 PM
In a startling revelation, a Gujarat businessman has declared an astonishing Rs 13,000 Crore as illicit wealth to Income Tax Authorities, a report said. In a startling revelation, a Gujarat businessman has declared an astonishing Rs 13,000 Crore as illicit wealth to Income Tax Authorities, a report said.

In a startling revelation, a Gujarat businessman has declared an astonishing Rs 13,000 Crore as illicit wealth to Income Tax Authorities, a report said. The voluntarily disclosure of the whopping amount came after he did not pay the tax on the unaccounted income. Mahesh Shah’s declaration was termed as unaccounted income under the Centre’s Income Declaration Scheme (IDS) on September 30, the very last day of the scheme. Notably, the IDS offered immunity to those who declared their unaccounted income once they paid the tax. But based on this, Shah can be caught. IT Department officials said that 13,000 crores were “declared black” after Shah did not pay the first installment of the tax- an amount of Rs 975 crores — by November 30. IT Dept officials said they have been conducting searches at several places connected to Apaji Amin & Company. “IT Dept doing its job, they will now record Mahesh Shah’s statement,” CA of Mahesh Shah Tehmul Sethna said.

Search operations were carried out by the IT Department and it was learned that “Shah declared black money on behalf of several big shots of Ahmedabad.” IT Department is also conducting a search at the offices of Mahesh Shah’s accountant.

Watch this video

This came days after Lok Sabha passed a Bill that seeks to tax the unaccounted money deposited in banks under a new fixed-tenure Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016. While the total tax in case such unaccounted asset is declared now will be only 50%, a benign rate considering what concealed income would have otherwise attracted under the extant law, the opposition parties failed to highlight this virtual amnesty given to tax cheats. They even refused to take the government’s offer for a debate before the Bill was put to a voice vote.

  1. S
    Soundar
    Dec 2, 2016 at 12:33 pm
    Only Gujarati people are having lot of black money what Mody has done when he was C M for two consecutive terms?
    Reply
    1. Viral Shah
      Dec 2, 2016 at 1:52 pm
      Black Money raj was blooming under Modi's government.
      Reply
      1. A
        Ashok Roy
        Dec 2, 2016 at 12:22 pm
        I wish the politicians and other Indians declare their Swiss and other foreign bank accounts !!
        Reply
        1. V
          V.S.Raghunathan
          Dec 2, 2016 at 12:40 pm
          There MUST be a minimum JAIL term of 3 years for such offenders. Otherwise, they do not care about losing a couple of hundred crores in fine which they again make illicitly.
          Reply
          1. R
            rajeev
            Dec 2, 2016 at 12:07 pm
            We have totally irresponsible opposition
            Reply
            1. kosaraju vittal
              Dec 2, 2016 at 12:48 pm
              Moody bathes , swims, sleeps, advises, lives and finally works for the black money giants from Gujarat. He cannot believe any body other than Gujjubhais. See the positions occupied by Gujjubhais besides the PM. BJP president Amit shah, Niti Ayog CEO Pangaria, RBI Governor Patel, today CBI chief Astana. None of these people came through democratic process. RSS picks Modi, Modi picks Amit Shah. These two actions sideline veteran politicians in their party who are way better in all respects to hold high positions of power. Then planning commission is dissolved to create a less meaningful organisation to accommodate another Gujjubhais in Pangaria. Raghuram Rajan unceremoniously sent out by hurting him through uncalled barbs at him to bring in Patel another Gujju a known friend of Reluance Mukhesh bhai. No beauracrats will have guts to take action against any Gujju criminal from Modi's circle as long as this dispensation continues.
              Reply
              1. P
                prashant
                Dec 2, 2016 at 12:35 pm
                There is no Constructive Opposition, A bunch of Jokers & Goons.Its not true that All BJP ppl are good, but compared to these s they are far more better, except dyurappa (I hate that person)
                Reply
                1. J
                  Jai
                  Dec 2, 2016 at 12:05 pm
                  good job.... bring all the black money into the economy
                  Reply
                  1. S
                    SA1
                    Dec 2, 2016 at 12:12 pm
                    that money is already in the economy ..this is no cash decleration under IDS. It is total ets in various forms, and due to IDS we don't even know how were these people -- but definitely criminals and corrupts. 975 cr tax on 13000 cr is peanuts to convert black to white.and now there is another amnesty given.
                    Reply
                    1. Venkat Narayan
                      Dec 2, 2016 at 12:59 pm
                      Only the Central govt can conduct searches and raids to discover black money. No chief minister can.
                      Reply
                      1. Load More Comments

                      Go to Top