Businessman who declared Rs 13,000 cr as unaccounted income fails to pay tax

AHMEDABAD: A businessman who willingly revealed his unaccounted income of a Rs 13,000 crore has not been able to pay tax that he was supposed to is now under the scanner of the IT department.

The Income Tax Department is inspecting an absolutely weird case in Ahmedabad. Man named Mahesh Shah had voluntarily declared Rs 13,000 crore as unaccounted income under the Centre’s Income Declaration Scheme (IDS) on September 30.

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As per the information given by the IT Department officials, Shah failed to pay the first installment of the tax – an amount of Rs 975 crores by November 30.

The IT Department then carried out search operations, subsequent which it was exposed that “Shah declared black money on behalf of several big shots of Ahmedabad.”

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