Mahesh Shah made a disclosure of Rs 13,860 crore of cash under the IDS scheme that ended on 30 September this year. An income tax official close to the search operations said: “The departments dealing in IDS and the one that carried out the search operations are different. We had no information while conducting the raids that he had applied for income disclosure under IDS scheme. According to Tehmul Sethna, partner of the chartered accountants firm, Shah has not been traceable for the last three days or so. “A few months ago he approached me and asked me to explain to him the IDS scheme.

Source: Mint December 02, 2016 13:04 UTC