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  1. Missing! The Gujarat man who declared Rs 13,000 crore unaccounted wealth

Missing! The Gujarat man who declared Rs 13,000 crore unaccounted wealth

hah 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.

By: | New Delhi | Updated: December 3, 2016 11:36 AM
maheshah missing, declaration rs 1300 crore income, rs 1300 crore income, business man missing, demonetisation, demonetisation news, latest news on demonetisation 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.(PTI file photo)

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.

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  1. P
    Prasad K
    Dec 3, 2016 at 1:02 pm
    The w IDS scheme has collapsed! Funny indeed! The Govt has been put into a unenviable situation by these revelations. (First was the Rs10,000 crore news from Hyderabad and now this 13,000 crore thing)
    Reply
    1. R
      RM
      Dec 3, 2016 at 12:57 pm
      As per reports MAN FROM Ahmedabad DECALRED RS 13000 CRORES AND AS PER MR CHANDRABABU NAIDY SOMEONE FROM A P DECLARED RS 10000 CRORES .OUT OF TOTAL DECLARATION OF RS 65000 CRORES IF TWO HAVE DECLARED RS 23000 CRORES THEN THERE MAY NOT BE MANY WHO HAVE DECLARED REST OF AMOUNT. IF THESE FEW CAN BE GRANTED IMMUNITY FOR ANY PROSECUTION THEN A LARGE POTION WHO HAS DEPOSITED WHATEVER THEY HAD ARE ALSO ENLED TO IMMUNITY AND GOVTs MOVE TO PROSECUTE THEM AND CHARGE HIGHER TAX ON THEIR MONEY IS DISCREMINATORY AND NOT JUSTIFIED.
      Reply

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