Woman in 80s told to pay up for undisclosed 196 crore in Swiss account

Taxmen are elated over a recent order of the Income-Tax Appellate Tribunal (ITAT)’s Mumbai bench, which has confirmed the addition of an undisclosed income of Rs 196 crore — the peak deposit in a Swiss bank account — in the hands of an elderly taxpayer who was its “beneficial” owner. Now, tax plus penalties will be payable on this unaccounted income.