Man discloses 13,000 Crs black money
posted on Dec 3, 2016 @ 1:17PM
An Ahmedabad based businessman declared his unaccounted income of a whopping ₹13,000 crore under the Centre's Income Declaration Scheme (IDS) but has failed to pay the tax on the declared amount. Income Tax authorities are on the lookout for Mahesh Shah, who 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 man has gone missing since then. The IT Department then carried out search operations, following which it was revealed that "Shah declared black money on behalf of several big shots of Ahmedabad." According to a report, his neighbours said that for the last four months, whenever he got out of his second-floor home, Shah carried a trolley bag with him and would forever be on the phone. He changed his SIM cards frequently and carried five cell phones. Mr Sethna, his chartered accountant claims that he neither knows about the businessman's whereabouts nor his business investments. "He studied up to 12th grade and is very intelligent," Mr Sethna said, adding, "I can tell you that he is very well connected and has been into big dealings. I had no reason to doubt his credentials."