An Ahmedabad-based businessman, who had declared black money worth over 13,000-crore in October, has gone missing. Income Tax authorities are on the lookout for Mahesh Shah, who had declared the huge sum under the Income Declaration Scheme – which provides immunity to those who declare and pay the required tax on their hidden income.
The 45-year-old reportedly went missing a few days before the November 30 deadline for depositing 25 per cent of the disclosed amount.
Income Tax officials have searched Mr Shah’s home and office, along with the residence of his chartered accountant Tehmul Sethna who had helped him with the disclosures
Mr Shah’s family maintains that he is not absconding but has just not been in contact for the last 15 days.
“He is not absconding. But we don’t know where he is. He will reply to your questions when he comes,” his son Monitesh told reporters..