200 crore in the account of a woman earning Rs 14,000…
200 crore in the account of a woman earning Rs 14,000; Income tax officials go crazy !
One of the Indian citizens who kept black money in a Swiss bank account found a large amount of Rs 200 million in his account. What is special is that this woman had declared her income as only Rs 14,000.
Mumbai: New cases of Indian depositors in Swiss banks are emerging from time to time. One such list revealed the name of an 80-year-old woman. Shockingly, the woman has stated her monthly income at just Rs 14,000 and her Swiss bank account at Rs 196 crore. Officials in the income tax department are confused by the income and the money in the bank.
Renu Tharani has an account with HSBC Bank in Geneva. Molecules are the sole beneficiaries of this account, which is in the name of the Tharani Family Trust in a Swiss bank. The account was launched in July 2004 as GW Investment of Cayman Ireland.
This information was not given in the income tax return filed by Tharani in 2005-06. The case was reopened on October 31, 2014. Renu Tharani had given an affidavit in this regard stating that she had no account in Swiss bank and no shareholder in GW Investment. He called himself a non-resident Indian and claimed that if there was any such amount, it could not be taxed.
In 2005-2006, Tharani had said that his annual income was Rs 1.17 lakh. He had given the address of Bangalore and claimed to be an Indian taxpayer.
In this case, the Arbitration of the Income Tax Department (Mumbai) has ordered Renu Tharani to pay the tax along with the fine. They (molecules) are not public persons and do not do any kind of social work so that it would seem that the money came into their trust as a donation. According to the information given by Tharani in the income tax return, it will take him 13,500 years to earn the amount in the account, the arbitrator said.
