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I-T department rejects two sets of high-value declarations under IDS

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The income tax (I-T) department has rejected two sets of suspicious high value declarations under the income disclosure scheme (IDS) which ended in September, including one made by Mahesh Shah, the Ahmedabad-based property dealer who was detained by the income tax department on Saturday.
In the first instance, declarations were made by a family of four based in Mumbai, named Abdul Razzaque Mohammed Sayed, Mohammed Aarif Abdul Razzaque Sayed, Rukhsana Abdul Razzaque Sayed, and Noorjahan Mohammed Sayed, amounting to a total of Rs2 trillion and in the other instance, the declaration was made by Shah, an Ahmedabad-based individual amounting to Rs13,860 crore.
In both instances, after investigations, it was established that these people were of ‘small means’ and these declarations could have been misused, the tax department said in a statement. These numbers were also not included while arriving at the final numbers under the income disclosure scheme, it added.
The total declarations under the income disclosure were at Rs67,382 crore from 71,726 declarants.
Shah had claimed on Saturday that the income did not belong to him and he was dealing on behalf of some government officials, politicians and businessmen.
“The department has commenced enquiries against these declarants to determine the intention behind these false declarations,” the department said.
Finance minister Arun Jaitley had proposed an income disclosure scheme in this year’s budget to give tax evaders a chance to declare their unaccounted wealth and escape with a higher tax and penalty. The four-month window for these declarations ended on 30 September.
Mint New Delhi,05th December 2016

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