A person with Rs 196 crore in a Swiss bank account will now have to pay taxes despite her declared income of Rs 1.70 lakh, the Income Tax Appellate Tribunal (ITAT) said in a crucial ruling. Dismissing an appeal filed by assessee Renu T Tharani, ITAT Mumbai said on Thursday that over Rs 196 crores lying in her foreign account can be taxed by the Income Tax Department. This inference is all the more justified when we take into account the fact that the assessee has been non-cooperative and has declined to sign the consent waiver," it further said. In response to the notice issued by the I-T Department, she had denied having an account with HSBC in Geneva in her name. The impugned addition of Rs 196,46,79,146 (US $ 3,97,38,122) in respect of assessee‟s account with HSBC Private Bank (Suisse) SA, Geneva, is thus confirmed," the ITAT said in its order.

Source: dna July 17, 2020 15:00 UTC