Bandra family under investigation for declaring Rs 2 lakh crore black money
The Income Tax (IT) department has initiated a probe against a Bandra family, who declared Rs 2 lakh crore in undisclosed income, on the grounds that the declaration was “suspicious in nature” and “filed by persons of small means”.
According to a Ministry of Finance release, a family of four declarants, Abdul Razzaque Mohammed Sayed (self), Mohammed Aarif Abdul Razzaque Sayed (son), Shrimati Rukhsana Abdul Razzaque Sayed (wife) and Noorjahan Mohammed Sayed (sister) filed a total declaration of Rs. two lakh crore (Rs. 2,00,000 crore) in September.
The release further states that the declaration from the Sayed family was kept pending,
“For investigation about the genuineness of the same and were not included in the total value of declarations announced on 1st October, 2016. 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.”
Interestingly, while their official address listed in the filing is Flat no. 4, Ground Floor, Jubilee Court, 269-B, T.P.S-III, Linking Road, Bandra (W), Mumbai, a leading daily has found out that none of the building’s residents actually know the Sayed family.
One resident has even claimed that the flat in question has actually been lying vacant for years.
Further, three out of the four PAN numbers were originally in Ajmer which were migrated to Mumbai in September 2016, where the declarations were filed.
The declaration came under the scanner because it is three times the total amount declared under the Income Declaration Scheme (IDS). The total amount declared under the scheme, which closed on 30th September, was Rs 67,382 crore.
The IDS scheme provided immunity to those who declared undisclosed money and pay 45 percent of the declared amount as tax, surcharge and penalty.
The Ministry also rejected the declaration of Mahesh Shah, an Ahmedabad-based businessman who had gone missing last month after declaring black money worth over Rs. 13,000 crore.
During questioning, the real estate broker told officials that the money belonged to many builders, politicians and bureaucrats.