196 crore rupees black money in Swiss account of elderly woman, who shows less than 2 lakh annual income

Rs 196 crore black money was found in the Swiss bank account of an 80-year-old elderly woman who claims a monthly income of Rs 1.7 lakh, that is, about Rs 14,000. Following the order of the Mumbai branch of the Income Tax Appellate Tribunal (ITAT), the accused woman will now have to pay a penalty along with the tax. The Times of India has given this information in a report.

Renu Tharani, who has passed eight decades of age, has an account in HSBC Geneva. The only discretionary beneficiary of this bank is the name of Tharani Family Trust in Swiss Bank. It was opened in July 2004 under the name of Cayman Islands based GW Investment. This company transferred the fund to Family Trust as an administrator. 

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Tharani did not give this information in the IT return filed in 2005-06. The case was reopened on 31 October 2014. Tharani also gave an affidavit stating that she does not have a bank account in HSBC Geneva nor was she a director or shareholder in GW Investment Bank. He described himself as a non-resident and claimed that even if there is an amount, he cannot be taxed.

In the 2005–06 IT returns, Tharani had stated that his annual income is just Rs 1.7 lakh. He gave the address of Bengaluru in it and described his taxpayer status as Indian. The ITAT Bench said that it may have been that she had been in the first year of non-residential status, but in such a short span of time, 200 crore rupees came from the account. 

According to the income he had previously disclosed, it would take 11,500 years to accumulate this amount. The bench also said that there is no public figure like taxpayer Mother Teresa that someone donated such a huge amount to her trust. 

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