Income Tax searches were conducted on the office and residential premises of city-based property dealer Mahesh Shah, who disclosed a whopping Rs 13,860 crore of unaccounted income under the Income Declaration Scheme (IDS). In his statement to media, Sethna claimed Shah made a disclosure of Rs 13,860 crore of cash under the IDS scheme. The IDS scheme was closed on September 30. "After taking guidance from senior I-T officials, he made a disclosure of Rs 13,860 crore cash under the IDS scheme. He was supposed to pay Rs 1560 crore, which is 25% of 45% on the disclosed amount, as the first instalment.

Source: dna December 02, 2016 12:57 UTC