Gujarat businessman Mahesh Shah has reportedly gone missing a day after he had declared Rs 13,000 crores as unaccounted wealth. Now, the Income Tax authorities are on the lookout for Ahemdabad-based businessman. Shah had declared the huge sum under the Income Declaration Scheme – which provides immunity to those who declare and pay the required tax on their hidden income. The 45-year-old man had a deadline of November 30 to deposit 25 per cent of the disclosed amount.
The businessman had declared a whopping amount of Rs 13,000 Crore as illicit wealth to Income Tax Authorities. It was later alleged that Shah declared black money on behalf of several big shots of Ahmedabad. 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.
The IDS offers immunity to those who declared their unaccounted income once they paid the tax. 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.