Realtor Mahesh Shah, who was detained by the I-T department after declaring Rs 13,860 crore of undisclosed income, said that he will reveal the names of those behind it. Shah's disclosure under the Centre's IDS, which ended in September, accounts for over 20% of the total Rs 65,000 crore declared under the scheme. Income Tax searches were conducted on the office and residential premises of Shah on November 29, 30 and December 1 after he failed to pay first instalment of tax -- Rs 1,560 crore -- on the whopping declaration of Rs 13,860 crore under the IDS. He, however, refused to reveal the names, saying he would do that only in front of Income Tax officials. He was supposed to pay Rs 1,560 crore, which is 25% of 45% tax on the disclosed amount, as the first instalment.

Source: dna December 03, 2016 18:07 UTC