Ahmadabad, December 2: A most curious case has reached the doors of the hawkish income tax department. A businessman decided to utilise the amnesty scheme introduced by the government for declaring black money. However, due to a simple mistake, the whopping Rs 13,000 that he has declared will remain black money.
The businessman, Mahesh Shah, who resides in Ahmadabad forgot to pay the tax on the unaccounted income. Due to this minute error, even though Shah declared his black money under the Income Declaration Scheme (IDS), he will now have to face a penalty from the income tax department. For those who disclosed unaccounted income and paid the tax on it, the government guaranteed exemption from penalty or imprisonment.
Shah decided to take the government’s amnesty just in the nick of time. He disclosed Rs 13,000 crore of unaccounted money on September 30th which was the very last day of the Income Declaration Scheme. The sad part is that, Shah could have retained his income in white had he paid the first installment of the tax, which was a comparatively measly amount of Rs 975 crores by November 30.
According to reports that have emerged from the Income Tax department, officials have said that the Rs 13,000 crores have been “declared black” due to the error. Further investigation will be conducted by the officials on the source of the income. According to a report in Times of India, IT Officials allegedly commented that, “Shah declared black money on behalf of several big shots of Ahmedabad.”