Gujarati businessman Mahesh Shah yet to reveal names of people for whom he acted

AHMEDABAD: Realtor Mahesh Shah, who has claimed that he was used as a pawn to declare a whopping Rs 13,860 crore under IDS, is yet to reveal the names of people for whom he acted as a frontman, Income Tax officials said today.

Income Tax Ahmedabad, Director (investigations), P C Mody, said, "He (Shah) was asked about whose money had he declared but he has not revealed anything so far."

"Shah has sought time of two-three days for next round of questioning. We will call him then for further interrogation," he said, adding that appropriate action will be taken against him if he does not cooperate with us.

The city-based property dealer was taken to the I-T office under police protection this morning, where he was questioned for six hours. Shah was later escorted back to the place of his stay by police.

Shah's statement was earlier recorded by the I-T department on Saturday night. However, yesterday being a Sunday his statement could not be recorded.

Shah shot into limelight after he declared Rs 13,860 crore under the Income Declaration Scheme, which closed on September 30.

However, he had gone missing after the I-T department searched his residence a few days back, and appeared in the studio of a local news channel for an interview, from where he was picked up by the tax department sleuths.

During the interview, Shah claimed he made the declaration out of "compulsion" and "for commission".

"The amount of Rs 13,860 crore I declared under IDS was not mine, will tell the names of those behind it before Income Tax officials ... I will disclose everything soon. I have committed a mistake but I will reveal everything soon," Shah had said.

Income Tax searches were conducted on the office and residential premises of Shah on November 29, 30 and December 1 after he failed to pay first installment of tax -- Rs 1,560 crore -- on the whopping declaration of Rs 13,860 crore under the IDS.

He was supposed to pay Rs 1,560 crore, which is 25 per cent of 45 per cent tax on the disclosed amount, as the first installment. Though November 30 was the last date, he failed to deposit the installment with I-T department.

When I-T department conducted an inquiry, they started doubting Shah's capacity to pay the installment by the due date. Thus by November 28, I-T department cancelled his IDS Form-2 and initiated search operations the next day.