Income Tax department Rejects Mumbai Family's Disclosure of Rs 2 Trillion Black Money under IDS

 The Income Tax department has rejected an astonishing Rs 2 lakh crore disclosure by a Mumbai family as well as the controversial Rs 13,860 crore by an Ahmedabad businessman under the Income Disclosure Scheme (IDS)that closed in September 2016 and a probe is on against them to determine the intention behind their false claims

A family of four declarants namely, Abdul Razzaque Mohammed Sayed (self), Mohammed Aarif Abdul Razzaque Sayed (son), Rukhsana Abdul Razzaque Sayed (wife) and Noorjahan Mohammed Sayed (sister), who were shown as residents of Flat no. 4, Ground Floor, Jubilee Court, 269-B, T.P.S-III, Linking Road, Bandra (W), Mumbai, filed a total declaration of Rs 2 lakh crore, it said.

The another declaration was filed by one Mahesh Kumar Champaklal Shah resident of 206, MangalJyot Tower, Jodhpur Gram Satellite, Ahmedabad for Rs 13,860 crore.

"Therefore, after due consideration, the Income Tax Department decided by 30th November, 2016, to reject these two sets of declarations of Rs 2 lakh crore and Rs 13,860 crore respectively. The Department has since commenced inquiries against these declarants to determine the intention behind these false declarations," it added.

On October 1,2016 it was announced that declarations totalling Rs 65,250 crore were received from 64,275 declarants, subject to reconciliation. 

After final reconciliation the revised figure of actual declarations received and taken on record was Rs 67,382 crore which had been made by 71,726 declarants.

The revised figure will fetch government a little over Rs 30,000 crore direct tax revenue