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Ahmedabad businessman Mahesh Shah declares 13,860 crore black money, I-T deparment conducts raids

The I-T Department Noticed That That The Black Money Declared By Shah Belonged To Many People And Shah Received Handsome Commission For The Disclosure.

News Nation Bureau | Edited By : Rahul Mishra | Updated on: 03 Dec 2016, 09:38:38 PM
Black Money - Representative Image (File Photo)

New Delhi:

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. 

Sources claimed that Shah needed to deposit Rs. 975 crores as tax.

Also Read: Mahesh Shah, who went missing after disclosure of Rs 13,860 crore, detained by I-T department

However, he forgot about it and thus the IT department conducted its raids.

Also Read: Karnataka Police seizes Rs 71 lakh in new Rs 2,000 currency notes, 3 arrested

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.

Further, the whole incident occurred under the observation of Shah’s CA.

FULL COVERAGE: BLACK MONEY CRACKDOWN

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First Published : 02 Dec 2016, 06:36:00 PM

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