The central government’s war on black money seems to be yielding fruits. An Ahmedabad based businessman Mahesh Shah has declared nearly Rs. 13,860 crore black money and the I-T department is conducting searches at his home and offices.
As per the new rules, Shah will have to deposit Rs. 6,890 as tax and penalty. His CA has said that the IT department will record Shah’s statement.
The government had announced the income declaration scheme (IDS) and as per that Shah was required to declare his black money by Wednesday.
IT Dept doing its job, they will now record Mahesh Shah's statement: Tehmul Sethna, CA of Mahesh Shah (who declared Rs 13,860 crores cash) pic.twitter.com/2zVV39iUYW— ANI (@ANI_news) December 2, 2016
Sources claimed that Shah needed to deposit Rs. 975 crores as tax.
However, he forgot about it and thus the IT department conducted its raids.
However, shocking revelations have emerged disclosing that Shah was only a pawn in the hand of big shots such as businesmen, politicians and government officers.
The IT department noticed that that the black money declared by Shah belonged to many people and Shah received handsome commission for the disclosure.
IT Dept officials conduct searches at several places connected to Apaji Amin & Company,who disclosed Rs 13,860 crores cash under IDS Scheme.— ANI (@ANI_news) December 2, 2016
Further, the whole incident occurred under the observation of Shah’s CA.