Central Govt introduced a bill for new policy of IDS i which people who have black money can disclose it in the Income Tax dept. with 50% deduction and out of  rest 50%, 25% will go to Farmer welfare fund and rest 25% he will recive in a period of time. But nobody expected  a mere property dealer to come up with such a whopping amount of black money.

Mahesh Shah, a gujarat based property dealer disclosed Rs. 13860 crores under IDS scheme when his CA Tehmul Sethna, who is a partner in Apaji Amin & Co wih interrogated and raids were made in his office and residential premises.

15259286_1690411847935894_4807327609733583658_o.jpgAs per Sethna, Shah was in my touch since 2013 and took our advice on several occasions in the past. He claims that he was not his regular client. He was mainly into land dealings. When IDS scheme was declared, he advised him to make the disclosure for peace of mind, as he is almost 67-year-old and is not keeping well due to some heart related ailments,” said Sethna.

“After taking guidance from senior I-T officials, he made a disclosure of Rs 13,860 crore cash under the IDS scheme. He was supposed to pay Rs 1560 crore, which is 25 per cent of 45 per cent tax on the disclosed amount, as the first instalment. Though November 30 was the last date, he failed to deposit the instalment with I-T department,” said Sethna.

He concluded that when I-T department conducted an enquiry, they started doubting Shah’s capacity to pay the instalment by the due date. Thus by November 28, I-T department cancelled his IDS Form-2 and initiated search operations the next day. Sethna gave his full co-operation to them and showed all the papers related to Shah, who is untraceable after the searches,” he said.

Checkout his interview with Network 18 gujarat :

But it is for sure that this amount does not belong to him which he clearly accepted as well. There is lot more to come so wait and Watch.

Jai Hind !!