ITAT orders Swiss bank account holder to pay tax on Rs 196 crore stashed abroad

In a landmark judgment, Income Tax Appellate Tribunal (ITAT), Mumbai has directed that over Rs 196 crore lying in an individual's Swiss foreign account be taxed. A Swiss bank account holder, Renu T Tharani, with a declared annual income of Rs 1.70 lakh, in her tax filing on July 29, 2006, will now have to pay taxes on the stashed amount abroad. The assessee raised as many as 19 grounds of appeal, but her plea was dismissed.