Gujarat realtor declared Rs 13,860 cr under IDS, but I-T found only Rs 29,000 in raid

[Kool_SRG]

Income Tax searches were conducted on the office and residential premises of city-based property dealer Mahesh Shah, who disclosed a whopping Rs 13,860 crore of unaccounted income under the Income Declaration Scheme (IDS).

 

The I-T sleuths also swooped down on premises of his Chartered Accountant firm Appaji Amin.

 

Though, the I-T Department is tight-lipped about the searches, Shah's CA Tehmul Sethna, who is a partner in Apaji Amin & Co, informed the media about the searches carried out at various places, including on the premises of those connected with his client (Mahesh Shah's friends).

 

 

 

I-T department officials could not be contacted even after several attempts.

 

The search operations were conducted on November 29, 30 and December 1, Sethna told mediapersons.

 

According to him, Shah is untraceable after these searches.

 

In his statement to media, Sethna claimed Shah made a disclosure of Rs 13,860 crore of cash under the IDS scheme.

 

The IDS scheme was closed on September 30.

 

"Shah was in my touch since 2013 and took our advice on several occasions in the past. He was not my regular client. He was mainly into land dealings. When IDS scheme was declared, I advised him to make the disclosure for peace of mind, as he is almost 67-year-old and is not keeping well due to some heart related ailments," said Sethna.

 

"After taking guidance from senior I-T officials, he made a disclosure of Rs 13,860 crore cash under the IDS scheme. He was supposed to pay Rs 1560 crore, which is 25 per cent of 45 per cent tax on the disclosed amount, as the first instalment. Though November 30 was the last date, he failed to deposit the instalment with I-T department," said Sethna.

 

According to Sethna, there is possibility that Shah never had such a huge amount with him when he made the declaration.

 

"When I-T department conducted an enquiry, they started doubting Shah's capacity to pay the instalment by the due date. Thus by November 28, I-T department cancelled his IDS Form-2 and initiated search operations the next day. I gave my full co-operation to them and showed all the papers related to Shah, who is untraceable after the searches," he said.

 

"Though I knew that Shah's financial condition was not sound, I did not doubt anything because he himself claimed to have such huge money which he wanted to declare under IDS. Ultimately, client has to show money, otherwise, I-T department will step in. I now believe that Shah's disclosure was suspicious," Sethna said.

 

When asked if Shah "possessed black money of several politicians and bureaucrats", Sethna declined to comment on the authenticity of such reports.

 

In his statement to media, Sethna stated the I-T sleuths found only Rs 29,000 and some papers from Shah's office during the search.

[Kool_SRG]

HIGHLIGHTS

• Mahesh Shah lived in a 4-BHK apartment and was known to take an autorickshaw to work
• Shah's cash disclosures account for more than 20% of the total Rs 65,000 crore declared under IDS in India.
• Mahesh Shah had declared his income on Sept 30 — the last date for disclosures under IDS.

[Kool_SRG]

 

[mustang302]

Modi ki half ichi untadu.safe n gayab ippudu.

[Kool_SRG]

Money Belongs To Politicians, Babus: Gujarat Businessman Who Declared Over 13,000 Crores

AHMEDABAD:  Mahesh Shah, the Ahmedabad-based businessman, who had gone missing last month after declaring black money worth over Rs. 13,000 crore in September, told the income tax officials today that he was just a front for the unaccounted money which belongs to many people including politicians, bureaucrats and builders.

The 67-year-old was questioned for nearly seven hours and was only allowed to leave on health grounds. He has been asked to report again tomorrow for further questioning.

"We carried out the first round of questioning and since he was feeling unwell and wanted a break we let him go. But he has been asked to report back tomorrow for further questioning,'' said senior tax official PC Modi.

Mahesh Shah, a low-profile real estate dealer, had in September sprung a surprise when he made a disclosure of Rs. 13,860 crore of unaccounted money under the Income Disclosure Scheme (IDS) - which provides immunity to those who declare and pay the required tax on their hidden income.

But he reportedly went missing a few days before the November 30 deadline for depositing 25 per cent of the disclosed amount.

Mr Shah appeared on a local news channel on Sunday and in an interview claimed that the money was not his and had been given to him by politicians.

"It is not my money. The money belongs to various people including politicians, babus and builders,'' he told ETV Gujarati.

After his interview, in a dramatic turn of events, he was taken away by the police and tax officials from the TV studios to an undisclosed location for questioning.

Income Tax officials have also searched Mr Shah's home and office, along with the residence of his chartered accountant Tehmul Sethna who had helped him with the disclosures.

Sources in IT department revealed that during the first round of questioning he was grilled about the documents recovered from his residence and his accountant's office. Sources said the department was trying to ascertain the exact nature of his financial and business dealings.

Police personnel have been deployed at Mr Shah's residence in Jodhpur Char Rasta area after he said his family had been threatened.
 

[Merabharathmahan]

IDS lo declare chesthe asalu name bayata pettam and source of income adugam ani undi kada rule but ila veedi name bayata ela pettaru

[perugu_vada]

Ilanti valla ni odhilesthe ne common man ki ekado kaaledi  if modi really wants to eradicate/decrease black money, ilanti vallani odhala kudadu