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Man with Rs 13,000 cr Black Money goes Missing
By: Tupaki Desk | 3 Dec 2016 6:47 AM GMT
Ahmedabad-based businessman Mahesh Shah who declared Rs 13,000 crore black money through Income Declaration Scheme (IDS) went missing.
As per IDS, The first installment (25% amounting to Rs 975 crore) of the Black Money disclosed should be paid before November 30th. However, Mahesh Shah went missing few days before the final deadline. In such cases, IT have the authority to confiscate Rs 13,000 crore as black money and seize it.
Income Tax Department has conducted raids at the house and office of Mahesh Shah. Even his chartered accountant Tehmul Sethna wasn't spared by the IT Sleuths. But, Tehmul claims to be unaware of Mr. Shah's whereabouts and wealth. He, however, maintains the business is very intelligent though he studied only up to 12th standard and carried out some big dealings.
Family Members of Mahesh Shah inform the IT Officials that he isn't absconding but not in touch with any of them since 15 days.
As per IDS, The first installment (25% amounting to Rs 975 crore) of the Black Money disclosed should be paid before November 30th. However, Mahesh Shah went missing few days before the final deadline. In such cases, IT have the authority to confiscate Rs 13,000 crore as black money and seize it.
Income Tax Department has conducted raids at the house and office of Mahesh Shah. Even his chartered accountant Tehmul Sethna wasn't spared by the IT Sleuths. But, Tehmul claims to be unaware of Mr. Shah's whereabouts and wealth. He, however, maintains the business is very intelligent though he studied only up to 12th standard and carried out some big dealings.
Family Members of Mahesh Shah inform the IT Officials that he isn't absconding but not in touch with any of them since 15 days.
