IT probe about Mahesh Shah’s Rs 13860 crore IDS declaration complete, Police case likely

Ahmedabad: The Income tax department today said that it has completed its inquiry in to the sensational declaration of Rs 13860 crore by Ahmedabad based realtor Mahesh Shah minutes before the closure of the IDS scheme on its last day on September 30.

Durng a joint press conference of the IT department about the Pradhanmantri Garib Kalyan Yojana, Principal Chief Commissioner of Income Tax B D Gupta and P C Modi, the IT official related to the probe against Shah said that the IT probe against Shah has been concluded and a report has been sent to the Central Board of Direct Taxes (CBDT).

To a query regarding Shah going virtually unpunished for his ‘wrongdoing’ Mr Gupta said that a case against Shah as per the provisions of the Indian Penal Code will be filed in the matter soon. ‘We have already done all that we could withing the jurisdiction of the IT department. A case will be filed under the provisions of IPC ,’ he said.

Notably, Shah who was nabbed from a news channel studio here on December 3 in a dramatic manner during his live interview was later set free by the IT sleuths. He had claimed during the interview that the money declared by him was of others who ditched him. He had claimed to divulge their names but did not do so.

He said that as the IT department was suspicious about the declaration by Shah right from the beginning it did not include the figure in the over-all figure of amount declared under the IDS. We had even rejected his declaration two days before the expiry of the time for it.

Mr Gupta said that the Pradhanmantri Garib Kalyan Scheme declared on December 17 and concluding on March 31 next year which provided for 49.9 % tax as penalty and 25 % of of the sum declared to be put in Garib Kalyan fund for four years (to be returned without interest) will not let any other Mahesh Shah come forward as it provides for advance payment of the penalty and the share to the Garib Kalyan Fund along with the declaration.

He urged more and more people to take benefit of the scheme failing which those who have deposited large amount of unaccounted money will have to pay a hefty price.

He said that under the current scheme only 49.9 % was the penalty as the 25 % in poor welfare fund was refundable and the declaration has got immunity from many laws whereas after it a penalty with 77.25 % will be levied.

DeshGujarat