The Income Tax Department has rejected declarations of Rs 2 lakh crore by four members of Sayed’s family of Mumbai.
The I-T department also rejected the declarations of Rs 13,860 crore by Ahmedabad-based Mahesh Shah when revising the total amount disclosed under the centre’s income declaration scheme (IDS) to Rs 67,382 crore.
On Sunday, the Sayed family grab the headlines when finance ministry revealed that the Mumbai family disclosed Rs 2 lakh crore as income.
The government on Monday released a press statement and said, “After due enquiry, it was found that these declarants were persons of suspicious nature and very small means and the declarations could have been misused.”
A family of four declarants namely, Mr. Abdul Razzaque Mohammed Sayed (self), Mr.Mohammed Aarif Abdul Razzaque Sayed (son), Shrimati Rukhsana Abdul Razzaque Sayed (wife) and Ms.Noorjahan Mohammed Sayed (sister) who were shown as residents of Flat no. 4 , Ground Floor , Jubilee Court, 269-B, T.P.S-III, Linking Road, Bandra (W), Mumbai, filed a total declaration of Rs. Two lakh crore (Rs. 2,00,000 crore).
“Three out of the four PAN numbers were originally in Ajmer which were migrated to Mumbai in September 2016, where the declarations were filed. The other declaration was filed by one Mr. Mahesh Kumar Champaklal Shah resident of 206, Mangal Jyot Tower, Jodhpur Gram Satellite, Ahmedabad for an amount of Rs.Thirteen Thousand Eight Hundred and Sixty crore (Rs.13,860 crore)," the government statement added.
The Income Disclosure Scheme, formed to flush out black money, was announced in the Union Budget 2016-17. It provides immunity to those who declare hidden income and pay 45 per cent of the declared amount as tax, surcharge and penalty. The scheme closed on September 30 this year.