Will disclose names of black money holders: Guj bizman

Manas Dasgupta

Ahmedabad, December 5

Controversial businessman Mahesh Shah, who had given a voluntary declaration of unaccounted income of Rs 13,860 crore, has sought two days time from the Income Tax Department to disclose the names of black money holders who had made him a “tool” to “confess” such a gigantic income.

I-T Department sources said it had completed questioning Shah based on the I-T returns he had filed earlier and on the documents seized from his residence when he had “disappeared.” They said his expenses were found to be much more than his known income, particularly his five-star hotel bills. He was closely questioned who were footing his hotel bills and why and such other related issues.

He was also questioned on an old police case filed in Rajkot for bouncing of a cheque for Rs 10 lakh issued by him to some land owners earlier. Shah had told the department that dealing in land was his main business. 

Sources said Shah, who was summoned by the department this morning, had so far not disclosed any name but had sought two days time after he which he had given a “guarantee” that he would disclose all names whose accumulated unaccounted income amounted to over Rs 13,860 crore. He had also hinted that among those black money holders were some senior politicians, government officers and some businessmen. 

Shah had “disclosed” the unaccounted income on the last day of the closure of the Voluntary Income Declaration Scheme (IDS) on September 30 and had promised to pay the income tax of over Rs 6,000 crore in four installments with first of the tranches due on November 30 but on suspicion the IT department cancelled his declaration two days earlier and Shah disappeared.