Biz Man who disclosed Rs 14,000 crore wealth goes missing
AHMEDABAD : The man from Gujarat who disclosed unaccounted earnings of Rs 13,860 crore under the Centre’s Income Declaration Scheme has gone missing.
A resident of Ahmedabad with businesses in Mumbai and other parts of India, though Shah declared the income on under the IDS 2016, he failed to pay the first installment of tax – a sum of Rs 975 crore – by November 30, thus leading to his declaration of Rs 13,000 crore being termed as “black money”.
Notably, the IDS offered immunity to those who declared their unaccounted income once they paid the tax. But that is where Shah slipped. The Income Tax department is said to be investigating Shah and conducting searches at several places related to Apaji Amin & Company.
Following the search operations by the IT Department, it has also been revealed that “Shah declared black money on behalf of several big shots of Ahmedabad.”
A Times of India reported that Shah has disappeared and income tax department sleuths carried out searches at Shah’s residence and his chartered account Tehmul Sethna’s office and residence from November 29 to December 1.
“The last time I talked to Shah was on November 29 in the presence of I-T officials. Ever since, he is inaccessible,” said the report quoting Sethna, Shah’s partner in the 90-year-old CA firm Appaji Amin & Co.
Shah declared his income on September 30 -the last date for disclosures under IDS. The first instalment of Rs 1,560 crore, 25% of the 45% tax imposed on his declared income, was to be paid on November 30. However, Shah’s declaration form was cancelled by the I-T department on November 28, the report added.
