The Income Tax department is investigating the “suspicious” declaration of Rs 2 lakh crore income by a Mumbai-based family of four.
Residents of the city’s Bandra area, Abdul Razzaque Mohammed Sayed, his wife Rukhsana Abdul Razzaque Sayed, their son Mohammed Aarif Abdul Razzaque Sayed, and Abdul’s sister Noorjahan Mohammed Sayed, declared the large sum of money declared an income, according to a statement released by the Finance Ministry on Sunday.
However, Income Tax authorities have rejected this disclosure and it will not be considered under the Income Declaration Scheme announced in the Union Budget 2016-17 as the scheme closed on September 30.
The finance ministry statement said that the family “filed a total declaration of Rs. 2 lakh crore. Three of the four pan cards were originally registered in Ajmer, which were later shifter to Mumbai in September. By agreeing to pay 45% tax on the declared amount, surcharge and penalty.”
Income tax authorities rejected disclosures by the Mumbai-based family and Shah, calling them “false” declarations and “suspicious in nature being filed by persons of small means”, The Hindu reported.
Income tax authorities also rejected the Ahmedabad resident Mahesh Kumar Champaklal Shah’s disclosure of Rs 13,860 crore.
“After due enquiry, it was found that these declarants were persons of suspicious nature and very small means and the declarations could have been misused. Therefore, after due consideration, the Income Tax department decided on November 30 to reject them,” The Times of India, reported, quoting the Finance Ministry’s statement.
On the expiration of the IDS’ September 30 deadline for declaring ill-gotten wealth, the Finance Ministry had announced in October that Rs 65,250 crore was disclosed by 64,275 declarants. However, the Finance Ministry released revised figures, putting the total amount of income declared at Rs 67,382 crore made by 71,726 declarants, the Hindu report said.