Ahmedabad: Almost two months after Gujarat based businessman Mahesh Shah (45) declared his Rs 13,000 crores as unaccounted wealth under the centre’s Income Declaration Scheme (IDS) in September 30 has gone missing. Now, the Income Tax authorities are on the lookout for Shah. After he failed to pay the first instalment 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”, he is reportedly missing.
On Friday IT sources confirmed that Shah’s Rs 13,000 crore disclosures were by far the largest in the country. Shah’s cash disclosures account for more than 20% of the total Rs 65,000 crore declared under IDS in India. However, in his income tax returns for the past 2-3 years, Shah had shown his annual income as Rs 2 lakh to Rs 3 lakh.
From November 29 to December 1 IT department carried out search operation at Shah’s residence and office. Following the search operations, it has also been revealed that “Shah declared black money on behalf of several big shots of Ahmedabad.”
Notably, After the November 8 demonetisation of Rs 1000 and Rs 500 notes, the IT department has sharpened focus on undisclosed incomes.