Legal Loophole in IDS 2016 That Gave Anxiety to Tax Official & Peace of Mind to False Declarants !

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legal-loophole-in-ids-2016So Economic Times , Gujarat edition dt 7th December 2016 tells its readers that as per its income tax source , Mr Mahesh Shah , who declared Rs 13,860 Crore was  non-coperative durimg 8 hours of interrogation by the investigation wing. Further, the paper also quoted an unnamed tax official “

“He thinks of himself to be some kind of a hero. He has demanded three-four days’ time to attend his ailing wife and asked I-T officials to contact him only after that,” the source said. “

Another thing that the newspaper has quoted  its source ( a senior tax official) that the Mr Shah may go to three years jail as per section 277 of the Income Tax Act .

WoW ! Still Mr Shah is not fearing ! This may appear  strange to all persons , but not to anyone who understand the tax law and has read the Income Tax Declaration Scheme, 2016. Just for the start , readers should know (contrary to what was the quote of a senior tax official ) Section 277 of the Income Tax Act is inapplicable in case of IDS !

In author’s opinion, the reason for the so called fearlessness or absenece of any anxiety in Mr Shah  may be his awareness of the fact that the worst that can happen to him on a wrong declaration is rejection of his application.  That has already happened !

So here, for my premium readers , are the detailed legal reasons why despite the fact that such false declarant who clearly planned money laundering on behalf of others ,  are laughing while the investigating authorities are full of anxieties over his case.Height of the situation is that   same mistake is repeated in new scheme PMGKY !

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