The Income Tax department on Saturday detained Mahesh Shah, the Ahmedabad-based businessman who had declared unaccounted income worth over Rs 13,000 crore under Income Declaration scheme.
Various raids were conducted by the Income Tax officers at Shah’s residence and offices.
Shah’s CA Tehmul Sethna claimed that Shah had made a disclosure of Rs 13,860 crore of cash under the IDS scheme.
#FLASH IT Dept officials detain Mahesh Shah, who disclosed unaccounted income worth over Rs 13,000 crores under Income Declaration scheme.— ANI (@ANI_news) December 3, 2016
As per sources, Shah needed to deposit Rs. 975 crores as tax.
However, he forgot about it and thus the I-T department conducted its raids.
Earlier, shocking revelations had emerged disclosing that Shah was only a pawn in the hand of big shots like businessmen, politicians and government officers.
IT Dept officials detain Mahesh Shah, who disclosed unaccounted income worth over Rs 13,000 crores under Income Declaration scheme. pic.twitter.com/4SVxvB6ubH— ANI (@ANI_news) December 3, 2016
The IT department had noticed that that the black money declared by Shah belonged to many people and Shah received handsome commission for the disclosure.
FULL COVERAGE: BLACK MONEY CRACKDOWN