The income tax department on Thursday said it had carried out at least 43 search and survey operations across Gujarat post-demonetisation and unearthed undisclosed income as well as assets worth Rs 73.09 crore, including new currency of Rs 3.53 crore.
According to the director general of investigations of I-T Gujarat, P C Mody, as many as 30 searches and 13 surveys were carried out in different parts of the state after the Centre scrapped high value currency notes on November 8.
“During our searches we have seized cash as well as assets worth Rs 22.93 crore, including Rs 3.53 crore in new currency. During our survey operations, people have admitted to unaccounted income of Rs 50.16 crore,” said Mody at press conference in Ahmedabad on Thursday.
The senior I-T official also informed reporters that the department visited Memnagar branch of a private bank on Thursday to verify information related to transactions being done using dummy accounts.
“We only did verification upon receiving an input that transactions were made using some suspected dummy bank accounts. We have collected some documents from the bank. Further investigation is still on,” said Mody.
Mahesh Shah to be called for questioning
On Mahesh Shah, the businessman who had declared Rs 13,860 crore under the Income Declaration Scheme (IDS) and then claimed that the cash declared by him belonged to others, Mody said he will be called again for questioning.
“We will call him again for questioning. I want to assure you that whatever action as per the law deserves to be taken will be taken,” said Mody.
Principal chief commissioner of income tax, Gujarat, B D Gupta told reporters that Shah along with his chartered accountant Tehmul Sethna may face criminal proceedings for misleading the department.
“As of now, he has not revealed any names. We may file a complaint against Shah and his CA under IPC for filing false declaration. We have submitted a report to higher authorities in this regard. You will be informed very soon about our next step,” Gupta told reporters at the I-T headquarters.
67-year-old Shah, a property dealer, shot into limelight after he declared Rs 13,860 crore under IDS which closed on September 30. Later, Shah claimed that he was used a ‘front’ by some persons in declaring that money.
Shah was supposed to pay Rs 1,560 crore as the first instalment on the undisclosed income. Though November 30 was the last date, he failed to deposit the money, prompting officials to cancel his declaration and start an inquiry.