Ahmedabad: For some this may seem impossible but this Gujarati businessman managed to dodge the Income Tax Department with a whopping Rs 4,500 crore tax liability for real!
Mahesh Shah hails from Ahmedabad but what surprised many is his extraordinarily huge income that he revealed under the Income Declaration Scheme 2016.
He had revealed to the authorities that he had not disclosed an income of Rs13,860 crore. That puts him for a direct tax liability of Rs4,500 crore.
According to the Ahmedabad Mirror, he made the admission while declaring the income under the Income Declaration Scheme.
After the declaration, he was reportedly asked to pay Rs 4,500 crore to the Income Tax Department.
The first instalment was due on November 30.
But on Friday, it was discovered that the businessman from Ahmedabad had gone missing.
Meanwhile, the IT department is reportedly conducting raids at several places to find out his whereabouts. Shah reportedly owns properties in Mumbai.