Ahmedabad, Dec 2, 2016: The Income Tax Department is investigating a most peculiar case in Ahmedabad. A businessman who voluntarily disclosed unaccounted income of a whopping Rs 13,000 crore is now under the scanner for what seems to be a silly slip – he forgot to pay the tax on the unaccounted income.
Mahesh Shah had voluntarily declared Rs 13,000 crore as unaccounted income under the Centre’s Income Declaration Scheme (IDS) on September 30, the very last day of the scheme. The IDS offered immunity to those who declared their unaccounted income once they paid the tax.
According to TOI, IT Department officials say that Shah failed to pay the first instalment of the tax, an amount of ₹975 crore, by 30 November. Upon his failure to pay the amount, the Income Tax department declared the entire amount of ₹13,000 crore as ‘black’.
The media report states that search operations were then carried out by the IT Department following which it was discovered that Shah had declared the “black money” on behalf of various “big shots” of Ahmedabad.
Search operations are still being carried out by the IT Department at Shah’s accountants’ offices and more revelations are expected.