196 crores were deposited in Swiss account, the annual earning was 1.7 lakh; Income tax department took this action

New Delhi Now hiding black money is going to be very difficult for Indians abroad. Such people who deposit huge amount in the accounts of banks located in other countries of the world, including Swiss bank and have been hiding its information from the department, doing so in front of them is going to prove to be a big challenge.

ITAT decision gives power
Our partner website zeebiz.com According to the Income Tax Department, the Income Tax Department has gained a lot of power with the decision given by the Income Tax Appellate Tribunal (ITAT) Mumbai Bench on Wednesday. An 86-year-old woman named Renu Thadani showed her annual income of one lakh 70 thousand rupees. 196 crore has been found in Thadani’s Swiss bank account.

The Income Tax Appellate Tribunal, while rejecting Renu Thadani’s appeal, confirmed the account at HSBC Private Bank, Geneva. The tribunal found that it is a jurisdiction. In which the number of companies is double as compared to the residents. Most of which is only on paper. It would be naive to believe that these companies will be here for core activities rather than benami core activities due to secrecy, generous tax benefits.

The tribunal further said that the account holder has a deep connection with the transaction and it is inconceivable that the woman has no knowledge about this company. While a large amount of money has been made for themselves. Let me tell you that in response to the notice issued by the Income Tax Department, the woman refused to have an account in a foreign bank and objected to the investigation again.

More than 300 such cases
The Income Tax Department said that more than 300 such cases are pending. Now after this decision, the department has got much more powers. In the coming days, the department will work more vigorously in these matters.

Also read: Corona: HDFC Bank gains 19.6% amid lockdown

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