Businessman Discloses 13,860 Crore Income: Raided by IT

Mahesh Shah, a businessman has disclosed 13,860 crore income under Income declaration scheme. Being admitted a tax of about 1,560 crores has to be paid by Shah by 30th of November which he missed to pay and goes missing now.

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IT department conducted raids on the properties of Shah from 29th of November till yesterday but hasn’t disclosed any output of the raid. However, Tehmul Sethna, accountant of Shah has given sort of information about Shah. According to Sethna , Shah was in contact with him before the searches have been initiated.

Sethna has also informed that it was him who advised Shah to disclose the income under IDS to get rid of pressure as he was a heart patient. But the irony is that Shah never had such a huge Income that he declared as per Sethna. This was known when IT department conducted the inquiry and learned that Shah might not be able to pay the first installment of tax within the due date.

As per the accountant of Shah, the act of declaring such a huge Income is suspicious and hence was not able to pay the tax which led him to go missing.