Rs 13,860 crore declared income not mine, will reveal names: Mahesh Shah

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Property dealer Mahesh Shah, who had declared a whopping Rs 13,860 crore of undisclosed wealth under the Income Declaration Scheme (IDS), on Saturday appeared on a television show claiming that the money did not belong to him, only to be held by Income Tax officials for questioning.

Mahesh Shah

Shah’s disclosure under the Centre’s IDS, which ended in September, accounts for over 20% of the total Rs 65,000 crore declared under the scheme. The city-based property dealer, who was missing since I-T department raided his residence earlier this week, appeared in the studios of a Gujarati television channel in Ahmedabad and said he had made the declaration under his name out of “compulsion” and to “earn commission”.

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“The amount of Rs 13,860 crore that I declared under IDS was not mine, I will tell the names of those behind it before Income Tax officials,” Shah said, adding that he “made the declaration out of compulsion and to earn commission.” Income Tax searches were conducted on the office and residential premises of Shah on 29, 30 November, and 1 December after he failed to pay first instalment of tax — Rs 1,560 crore — on the whopping declaration of Rs 13,860 crore under the IDS.

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