Ahmedabad, Dec 3 There is a mystery that surrounds Mahesh Shah from Gujarat who had declared Rs 13,860 crore in cash under the Income disclosure scheme.
The businessman from Gujarat has gone missing and the Income Tax Department officials are trying to find answers.
Mahesh Shah according to reports lived in a 4 Bedroom apartment in Ahmedabad. He is said to have owed money to his neighbours and even took an autorickshaw to work, reports suggest.
The IT department says that it had recovered Rs 40 lakh in cash and also jewellery worth Rs 30 lakh. Six bank lockers too had been seized by the IT department sleuths.
The search operations were carried out two days before November 30 the last day before Shah had to pay his first tax instalment of Rs 1,560 crore. He had declared Rs 13,860 crore on September 30 which was the last day for the disclosure under the IDS scheme.
He is however missing after missing the deadline. The IT department which issued him the IDS Form 2 says that he was to pay 45 per cent of the income tax on the declared amount. The first instalment of Rs 1560 crore was to be paid by November 30.