ITAT ruling to help tax department recover black money stashed abroad

Swiss account holder to cough up tax on Rs 200 cr, rules ITAT

The Income Tax Appellate Tribunal’s (ITAT’s) landmark ruling on July 16, directing authorities to bring Rs 196 crore belonging to NRI Renu Thikamdas Tharani within the tax net, has set a precedent.

It could pave the way for recovering money stashed abroad — including those revealed in global leaks like the HSBC Swiss account case, Panama, and Paradise papers — by the I-T department.

Tharani, an alleged beneficiary of a family trust linked to an account with HSBC Geneva, declared a paltry Rs 1,70,800 as annual income in her tax returns.

The appellate tribunal said the undisclosed balance in the Swiss bank account